Varde Management L.P. Has $16.86 Million Stock Holdings in Surgery Partners, Inc. $SGRY

Key Points

• Varde Management increased its Surgery Partners stake by 32.8% in the second quarter, adding 248,009 shares to own 1,003,447 shares valued at approximately $16.86 million, or 0.77% of the company.
• Analysts maintain a generally positive outlook, with seven Buy, three Hold and one Sell rating; the consensus rating is “Moderate Buy” with a $19.45 price target.
• Surgery Partners reported quarterly EPS of $0.10, beating estimates of $0.06, while revenue rose 2.7% year over year to $848.9 million. Shares recently traded at $13.96, below the analyst consensus target.

Varde Management L.P. lifted its holdings in Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 32.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,003,447 shares of the company's stock after purchasing an additional 248,009 shares during the quarter. Surgery Partners accounts for approximately 24.6% of Varde Management L.P.'s investment portfolio, making the stock its 2nd biggest holding. Varde Management L.P. owned 0.77% of Surgery Partners worth $16,858,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in shares of Surgery Partners by 239.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,907 shares of the company's stock valued at $35,000 after acquiring an additional 2,051 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Surgery Partners during the 2nd quarter worth approximately $38,000. Fifth Third Bancorp boosted its holdings in shares of Surgery Partners by 5,324.0% in the 1st quarter. Fifth Third Bancorp now owns 4,068 shares of the company's stock valued at $48,000 after buying an additional 3,993 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Surgery Partners by 45,640.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,287 shares of the company's stock valued at $49,000 after buying an additional 2,282 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new position in shares of Surgery Partners in the third quarter valued at $121,000.

Insider Buying and Selling at Surgery Partners

In other Surgery Partners news, Director Teresa DeLuca bought 10,000 shares of Surgery Partners stock in a transaction dated Tuesday, August 18th. The stock was bought at an average price of $14.35 per share, with a total value of $143,500.00. Following the completion of the transaction, the director owned 66,843 shares in the company, valued at $959,197.05. The trade was a 17.59% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Zacks Research downgraded shares of Surgery Partners from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 10th. Weiss Ratings reissued a "sell (e+)" rating on shares of Surgery Partners in a research report on Friday, August 21st. Royal Bank Of Canada cut their price objective on Surgery Partners from $20.00 to $19.00 and set an "outperform" rating for the company in a research report on Tuesday, August 11th. TD Cowen boosted their target price on Surgery Partners from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, August 11th. Finally, Raymond James Financial set a $18.00 price target on Surgery Partners in a research note on Tuesday, August 11th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Surgery Partners has an average rating of "Moderate Buy" and a consensus price target of $19.45.

Surgery Partners Stock Performance

Shares of Surgery Partners stock traded down $0.30 on Tuesday, hitting $13.96. The stock had a trading volume of 2,046,141 shares, compared to its average volume of 1,664,944. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -19.94, a price-to-earnings-growth ratio of 4.40 and a beta of 1.92. The company has a quick ratio of 1.78, a current ratio of 1.95 and a debt-to-equity ratio of 1.18. Surgery Partners, Inc. has a twelve month low of $11.41 and a twelve month high of $23.44. The business's 50 day moving average is $15.35 and its two-hundred day moving average is $14.35.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.04. Surgery Partners had a positive return on equity of 0.88% and a negative net margin of 2.63%.The business had revenue of $848.90 million during the quarter, compared to the consensus estimate of $830.03 million. During the same period in the previous year, the company posted $0.17 EPS. The firm's quarterly revenue was up 2.7% on a year-over-year basis. Analysts forecast that Surgery Partners, Inc. will post 0.22 EPS for the current year.

About Surgery Partners

Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.

Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.