Surgery Partners (NASDAQ:SGRY) Shares Down 8.6% - Here's What Happened

Key Points

• Surgery Partners shares fell 8.6% to about $14.44 during Wednesday trading, with volume below the stock’s average session volume.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $19.00 average price target; seven analysts rate the stock a Buy.
• The company’s latest quarter exceeded expectations, reporting $0.10 in EPS and $848.9 million in revenue, while revenue increased 2.7% year over year. Institutional investors also established several sizable new positions during the second quarter.

Surgery Partners, Inc. (NASDAQ:SGRY - Get Free Report) shares were down 8.6% during mid-day trading on Wednesday . The stock traded as low as $14.54 and last traded at $14.4350. 1,440,170 shares were traded during trading, a decline of 17% from the average session volume of 1,729,877 shares. The stock had previously closed at $15.80.

Wall Street Analyst Weigh In

SGRY has been the subject of several research reports. Royal Bank Of Canada dropped their target price 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. JPMorgan Chase & Co. increased their price target on shares of Surgery Partners from $14.00 to $15.00 and gave the stock a "neutral" rating in a research report on Monday, September 14th. Raymond James Financial set a $18.00 price objective on shares of Surgery Partners in a research note on Tuesday, August 11th. Cantor Fitzgerald restated an "overweight" rating and issued a $18.00 price objective on shares of Surgery Partners in a report on Tuesday, August 11th. Finally, TD Cowen reaffirmed a "buy" rating and set a $19.00 target price on shares of Surgery Partners in a research note on Friday, September 18th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.00.

Surgery Partners Trading Down 7.6%

The company has a current ratio of 1.95, a quick ratio of 1.78 and a debt-to-equity ratio of 1.18. The company has a market cap of $1.91 billion, a PE ratio of -21.06, a P/E/G ratio of 4.23 and a beta of 1.92. The company has a fifty day simple moving average of $14.78 and a two-hundred day simple moving average of $14.25.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $830.03 million. During the same quarter last year, the business posted $0.17 EPS. The business's quarterly revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Surgery Partners, Inc. will post 0.25 EPS for the current year.

Insider Transactions at Surgery Partners

In other news, Director Teresa DeLuca purchased 10,000 shares of the stock in a transaction on Tuesday, August 18th. The stock was bought at an average price of $14.35 per share, for a total transaction of $143,500.00. Following the acquisition, the director directly owned 66,843 shares of the company's stock, valued at approximately $959,197.05. The trade was a 17.59% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Surgery Partners

A number of institutional investors and hedge funds have recently modified their holdings of SGRY. Jupiter Topco LLC purchased a new stake in shares of Surgery Partners during the 2nd quarter worth approximately $233,220,000. Pentwater Capital Management LP purchased a new position in shares of Surgery Partners in the 2nd quarter valued at $195,384,000. BlackRock Inc. acquired a new stake in Surgery Partners during the 2nd quarter worth $104,857,000. Hsbc Holdings PLC acquired a new stake in Surgery Partners during the 2nd quarter worth $48,912,000. Finally, Bank of America Corp DE purchased a new stake in Surgery Partners in the second quarter valued at $20,374,000.

About Surgery Partners

Surgery Partners, Inc NASDAQ: SGRY is a healthcare services company that owns and operates a network of ambulatory surgery centers and surgical hospitals in the United States. The company works with physicians and health systems to provide outpatient and same-day surgical care in settings outside traditional hospital facilities.

Its services cover a range of specialties, including orthopedics, pain management, gastroenterology, ophthalmology, gynecology, urology and other procedural areas.

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