Surgery Partners (NASDAQ:SGRY) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Surgery Partners (SGRY) reported a quarterly earnings per share (EPS) of $0.17, surpassing analyst expectations of $0.16.
• The company's revenue for the quarter reached $826.20 million, exceeding forecasts of $816.96 million and marking an 8.4% year-over-year increase.
• Despite a negative net margin of 6.10%, Surgery Partners maintains a positive return on equity of 2.41%, with multiple analysts recommending a buy rating for the stock.

Surgery Partners (NASDAQ:SGRY - Get Free Report) posted its quarterly earnings data on Tuesday. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01, Briefing.com reports. The firm had revenue of $826.20 million during the quarter, compared to analysts' expectations of $816.96 million. Surgery Partners had a negative net margin of 6.10% and a positive return on equity of 2.41%. Surgery Partners's revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS.

Surgery Partners Stock Performance

Shares of SGRY stock traded up $0.01 on Tuesday, reaching $22.23. The stock had a trading volume of 2,103,482 shares, compared to its average volume of 1,387,914. Surgery Partners has a 12 month low of $18.87 and a 12 month high of $33.97. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -14.53 and a beta of 1.82. The firm's 50-day moving average is $22.18 and its two-hundred day moving average is $22.91. The company has a quick ratio of 1.73, a current ratio of 1.89 and a debt-to-equity ratio of 1.09.

Institutional Investors Weigh In On Surgery Partners

A number of large investors have recently added to or reduced their stakes in SGRY. Millennium Management LLC lifted its holdings in shares of Surgery Partners by 1,253.7% during the first quarter. Millennium Management LLC now owns 202,274 shares of the company's stock worth $4,804,000 after buying an additional 219,806 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Surgery Partners by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company's stock worth $1,085,000 after purchasing an additional 2,015 shares in the last quarter. Finally, Empowered Funds LLC raised its position in shares of Surgery Partners by 11.0% in the first quarter. Empowered Funds LLC now owns 12,853 shares of the company's stock valued at $305,000 after buying an additional 1,278 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SGRY shares. Benchmark reiterated a "buy" rating and set a $35.00 price target on shares of Surgery Partners in a research report on Monday, April 21st. Bank of America began coverage on Surgery Partners in a research note on Monday, July 28th. They issued a "buy" rating and a $28.00 target price on the stock. Finally, Barclays reduced their target price on Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $33.33.

Surgery Partners Company Profile

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.

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