Surgery Partners (NASDAQ:SGRY) Posts Earnings Results, Misses Expectations By $0.19 EPS

Surgery Partners (NASDAQ:SGRY) issued its earnings results on Monday. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.19), FiscalAI reports. Surgery Partners had a positive return on equity of 1.28% and a negative net margin of 2.35%.The business had revenue of $885.00 million during the quarter, compared to analysts’ expectations of $866.54 million. During the same quarter in the previous year, the business earned $0.44 EPS. Surgery Partners’s revenue for the quarter was up 2.4% compared to the same quarter last year.

Surgery Partners Stock Performance

NASDAQ:SGRY opened at $13.92 on Wednesday. The company has a quick ratio of 1.72, a current ratio of 1.88 and a debt-to-equity ratio of 1.10. The firm’s fifty day simple moving average is $15.32 and its 200 day simple moving average is $18.27. The stock has a market cap of $1.80 billion, a P/E ratio of -22.45 and a beta of 1.95. Surgery Partners has a twelve month low of $12.25 and a twelve month high of $24.64.

Surgery Partners announced that its board has authorized a stock repurchase plan on Thursday, February 26th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 9.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SGRY has been the topic of several analyst reports. Benchmark reiterated a “buy” rating on shares of Surgery Partners in a report on Tuesday. Barclays reduced their price target on Surgery Partners from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Mizuho lowered their price objective on Surgery Partners from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Thursday, December 18th. UBS Group dropped their price objective on Surgery Partners from $34.00 to $29.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Finally, Royal Bank Of Canada cut their target price on shares of Surgery Partners from $35.00 to $31.00 and set an “outperform” rating on the stock in a report on Tuesday, November 11th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Surgery Partners presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Institutional Investors Weigh In On Surgery Partners

Large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its stake in Surgery Partners by 45,640.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,287 shares of the company’s stock worth $49,000 after buying an additional 2,282 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Surgery Partners by 128.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,702 shares of the company’s stock worth $58,000 after acquiring an additional 1,519 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Surgery Partners in the 3rd quarter worth approximately $121,000. Tower Research Capital LLC TRC lifted its stake in shares of Surgery Partners by 68.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,313 shares of the company’s stock valued at $207,000 after purchasing an additional 3,794 shares during the period. Finally, Prudential Financial Inc. bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $219,000.

About Surgery Partners

Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.

Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.