Wesbanco Bank Inc. Raises Stock Position in Surgery Partners, Inc. $SGRY

Key Points

• Wesbanco Bank Inc. increased its stake in Surgery Partners, Inc. by 204.9%, acquiring 80,637 shares, bringing its total holdings to 120,000 shares valued at approximately $2.67 million.
• Surgery Partners reported earnings of $0.17 per share, exceeding analyst expectations, with revenue of $826.20 million representing an 8.4% year-over-year growth.
• Equities analysts have issued a consensus rating of "Moderate Buy" for Surgery Partners, with a target price of $33.00 based on recent evaluations.

Wesbanco Bank Inc. raised its holdings in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) by 204.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 120,000 shares of the company's stock after acquiring an additional 80,637 shares during the quarter. Wesbanco Bank Inc. owned approximately 0.09% of Surgery Partners worth $2,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. GAMMA Investing LLC boosted its position in Surgery Partners by 7,902.7% in the 1st quarter. GAMMA Investing LLC now owns 8,883 shares of the company's stock valued at $211,000 after buying an additional 8,772 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of Surgery Partners in the first quarter worth about $420,000. Bank of New York Mellon Corp raised its stake in Surgery Partners by 0.3% during the first quarter. Bank of New York Mellon Corp now owns 341,702 shares of the company's stock worth $8,115,000 after purchasing an additional 926 shares during the period. Principal Financial Group Inc. increased its position in shares of Surgery Partners by 9.5% during the first quarter. Principal Financial Group Inc. now owns 54,266 shares of the company's stock valued at $1,289,000 after acquiring an additional 4,717 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of Surgery Partners in the first quarter valued at approximately $447,000.

Insiders Place Their Bets

In other Surgery Partners news, Director Teresa Deluca sold 20,018 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $22.74, for a total transaction of $455,209.32. Following the sale, the director directly owned 45,173 shares of the company's stock, valued at $1,027,234.02. This trade represents a 30.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Harrison R. Bane sold 9,339 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $22.48, for a total value of $209,940.72. Following the transaction, the insider owned 117,181 shares of the company's stock, valued at approximately $2,634,228.88. The trade was a 7.38% decrease in their position. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.

Surgery Partners Stock Performance

Surgery Partners stock traded down $0.13 during mid-day trading on Friday, reaching $21.91. 429,249 shares of the company's stock were exchanged, compared to its average volume of 1,401,426. The firm has a market capitalization of $2.81 billion, a PE ratio of -15.29 and a beta of 1.76. The business's fifty day simple moving average is $22.41 and its 200 day simple moving average is $22.50. The company has a quick ratio of 1.78, a current ratio of 1.93 and a debt-to-equity ratio of 1.10. Surgery Partners, Inc. has a one year low of $18.87 and a one year high of $33.37.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.16 by $0.01. Surgery Partners had a positive return on equity of 2.51% and a negative net margin of 5.57%.The firm had revenue of $826.20 million during the quarter, compared to analysts' expectations of $816.96 million. During the same period in the prior year, the business earned $0.21 EPS. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. On average, sell-side analysts expect that Surgery Partners, Inc. will post 0.67 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SGRY shares. Bank of America started coverage on shares of Surgery Partners in a research report on Monday, July 28th. They set a "buy" rating and a $28.00 price objective for the company. JPMorgan Chase & Co. began coverage on shares of Surgery Partners in a research note on Thursday. They set a "neutral" rating and a $27.00 price objective on the stock. Finally, Barclays reduced their price target on Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating for the company in a report on Tuesday, May 27th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $32.88.

About Surgery Partners

Surgery Partners, Inc, together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.