Surgery Partners (SGRY) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Surgery Partners (NASDAQ:SGRY) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $17.00 price target on the stock.
According to Zacks, “Surgery Partners, Inc. is a healthcare services company. The Company’s outpatient delivery model focused on providing solutions for surgical and related ancillary care in support of its patients and physicians. Its operating segment consists of Surgical Facility Services segment, Ancillary Services segment and Optical Services segment. Surgery Partners, Inc. is based in Nashville, Tennessee. “
SGRY has been the subject of several other research reports. Royal Bank of Canada raised their price objective on shares of Surgery Partners from $18.00 to $20.00 and gave the stock an outperform rating in a report on Friday, August 10th. Stifel Nicolaus raised shares of Surgery Partners from a sell rating to a hold rating and set a $15.00 price objective for the company in a report on Thursday, June 28th. BidaskClub raised shares of Surgery Partners from a sell rating to a hold rating in a research note on Friday, September 21st. Leerink Swann increased their price target on shares of Surgery Partners from $20.00 to $25.00 and gave the company an outperform rating in a research note on Monday, August 13th. Finally, Bank of America raised shares of Surgery Partners from a neutral rating to a buy rating in a research note on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $19.00.
Surgery Partners (NASDAQ:SGRY) last posted its quarterly earnings data on Thursday, August 9th. The company reported ($0.18) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.07. The company had revenue of $444.78 million during the quarter, compared to analyst estimates of $428.50 million. Surgery Partners had a negative net margin of 5.56% and a negative return on equity of 1.67%. The company’s revenue was up 54.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. On average, analysts forecast that Surgery Partners will post -0.49 earnings per share for the current year.
In other news, insider Brandan Lingle sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $18.15, for a total transaction of $181,500.00. Following the sale, the insider now directly owns 20,393 shares of the company’s stock, valued at $370,132.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.20% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SGRY. Redmile Group LLC bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $9,257,000. Point72 Asset Management L.P. bought a new stake in shares of Surgery Partners during the first quarter valued at approximately $6,097,000. NN Investment Partners Holdings N.V. grew its stake in shares of Surgery Partners by 4.8% during the second quarter. NN Investment Partners Holdings N.V. now owns 5,523,801 shares of the company’s stock valued at $82,305,000 after purchasing an additional 250,704 shares during the last quarter. Highland Capital Management LP grew its stake in shares of Surgery Partners by 171.3% during the second quarter. Highland Capital Management LP now owns 323,700 shares of the company’s stock valued at $4,823,000 after purchasing an additional 204,400 shares during the last quarter. Finally, Wolverine Asset Management LLC grew its stake in shares of Surgery Partners by 493.2% during the second quarter. Wolverine Asset Management LLC now owns 70,163 shares of the company’s stock valued at $1,045,000 after purchasing an additional 58,336 shares during the last quarter. 97.53% of the stock is currently owned by institutional investors and hedge funds.
About Surgery Partners
Surgery Partners, Inc, through its subsidiaries, operates surgical facilities in the United States. The company operates through three segments: Surgical Facility Services, Ancillary Services, and Optical Services. Its surgical facilities comprise ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including gastroenterology, general surgery, ophthalmology, orthopedics, and pain management.
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