Surgery Partners (NASDAQ:SGRY) Stock Falls 8.6% – Here’s Why

Surgery Partners, Inc. (NASDAQ:SGRY) shares traded down 8.6% during trading on Wednesday. The stock traded as low as $14.54 and last traded at $14.4350. Approximately 1,440,170 shares traded hands during mid-day 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

Several brokerages have recently issued reports on SGRY. TD Cowen reaffirmed a “buy” rating and issued a $19.00 price target on shares of Surgery Partners in a research report on Friday, September 18th. Zacks Research downgraded Surgery Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $18.00 target price on shares of Surgery Partners in a report on Tuesday, August 11th. JPMorgan Chase & Co. lifted their price target on Surgery Partners from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, September 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Surgery Partners in a report on Friday, August 21st. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Surgery Partners Trading Up 2.0%

The firm has a market cap of $1.90 billion, a P/E ratio of -20.64, a PEG ratio of 4.89 and a beta of 1.92. The company’s 50 day moving average is $14.71 and its two-hundred day moving average is $14.26. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.95 and a quick ratio of 1.78.

Surgery Partners (NASDAQ:SGRY) last issued its quarterly earnings results 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. The firm had revenue of $848.90 million for the quarter, compared to analyst estimates of $830.03 million. Surgery Partners had a positive return on equity of 0.88% and a negative net margin of 2.63%.The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 earnings per share. On average, sell-side analysts predict that Surgery Partners, Inc. will post 0.25 earnings per share for the current year.

Insider Activity

In other news, Director Teresa DeLuca acquired 10,000 shares of the stock in a transaction dated Tuesday, August 18th. The shares were acquired at an average cost of $14.35 per share, for a total transaction of $143,500.00. Following the completion of the transaction, the director owned 66,843 shares in the company, valued at approximately $959,197.05. This trade represents a 17.59% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Squarepoint Ops LLC acquired a new stake in Surgery Partners during the second quarter worth $308,000. Varde Management L.P. lifted its holdings in shares of Surgery Partners by 32.8% during the 2nd quarter. Varde Management L.P. now owns 1,003,447 shares of the company’s stock worth $16,858,000 after acquiring an additional 248,009 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in shares of Surgery Partners by 19.8% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 166,411 shares of the company’s stock worth $2,762,000 after acquiring an additional 27,559 shares during the period. Penn Capital Management Company LLC bought a new position in shares of Surgery Partners during the 2nd quarter worth about $2,941,000. Finally, Hsbc Holdings PLC boosted its position in shares of Surgery Partners by 54.5% during the 2nd quarter. Hsbc Holdings PLC now owns 2,958,912 shares of the company’s stock valued at $48,912,000 after acquiring an additional 1,043,244 shares in the last quarter.

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.