Surgery Partners (NASDAQ:SGRY) Announces Quarterly Earnings Results

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) issued its earnings results on Tuesday. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.01, Briefing.com reports. The firm had revenue of $826.20 million for the quarter, compared to analysts' expectations of $816.96 million. Surgery Partners had a negative net margin of 5.57% and a positive return on equity of 2.51%. The business's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $0.21 earnings per share.

Surgery Partners Stock Up 1.8%

NASDAQ:SGRY traded up $0.42 during trading hours on Friday, reaching $23.64. 1,704,277 shares of the company traded hands, compared to its average volume of 1,697,857. The business's 50-day moving average price is $22.16 and its two-hundred day moving average price is $22.97. The stock has a market capitalization of $3.03 billion, a P/E ratio of -16.53 and a beta of 1.82. Surgery Partners has a 1 year low of $18.87 and a 1 year high of $33.97. The company has a current ratio of 1.93, a quick ratio of 1.73 and a debt-to-equity ratio of 1.10.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its holdings in shares of Surgery Partners by 1,253.7% in the first quarter. Millennium Management LLC now owns 202,274 shares of the company's stock worth $4,804,000 after acquiring an additional 219,806 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Surgery Partners by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company's stock worth $1,085,000 after acquiring an additional 2,015 shares during the period. Finally, Empowered Funds LLC grew its holdings 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 worth $305,000 after acquiring an additional 1,278 shares during the period.

Analysts Set New Price Targets

SGRY has been the topic of a number of recent analyst reports. Barclays cut their price objective on Surgery Partners from $25.00 to $24.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 27th. Benchmark reiterated a "buy" rating and issued a $35.00 price objective on shares of Surgery Partners in a research report on Monday, April 21st. Finally, Bank of America initiated coverage on Surgery Partners in a research report on Monday, July 28th. They issued a "buy" rating and a $28.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $33.00.

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.