Surgery Partners (NASDAQ:SGRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
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 topic of a number of other research reports. BidaskClub upgraded shares of Surgery Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 12th. ValuEngine lowered shares of Surgery Partners from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Jefferies Group set a $18.00 price target on shares of Surgery Partners and gave the company a “buy” rating in a research note on Thursday, March 1st. Finally, Benchmark set a $19.00 price target on shares of Surgery Partners and gave the company a “buy” rating in a research note on Tuesday, January 30th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.57.
Surgery Partners (NASDAQ:SGRY) last announced its quarterly earnings results on Thursday, March 1st. The company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.11). Surgery Partners had a negative net margin of 4.54% and a negative return on equity of 0.67%. The company had revenue of $460.30 million during the quarter, compared to analyst estimates of $438.30 million. During the same quarter last year, the company posted $0.35 EPS. The firm’s quarterly revenue was up 50.4% on a year-over-year basis. analysts predict that Surgery Partners will post -0.31 earnings per share for the current year.
Surgery Partners declared that its Board of Directors has initiated a share buyback program on Friday, December 15th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Several large investors have recently made changes to their positions in SGRY. Bain Capital Investors LLC acquired a new position in shares of Surgery Partners during the 3rd quarter worth approximately $273,816,000. Goldman Sachs Group Inc. acquired a new position in shares of Surgery Partners during the 4th quarter worth approximately $7,405,000. Royce & Associates LP grew its position in shares of Surgery Partners by 160.0% during the 3rd quarter. Royce & Associates LP now owns 681,582 shares of the company’s stock worth $7,054,000 after purchasing an additional 419,457 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Surgery Partners by 156.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 524,775 shares of the company’s stock worth $5,379,000 after purchasing an additional 319,775 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Surgery Partners by 12.6% during the 4th quarter. Clearbridge Investments LLC now owns 2,715,434 shares of the company’s stock worth $32,857,000 after purchasing an additional 304,102 shares in the last quarter.
About Surgery Partners
Surgery Partners, Inc is a healthcare services company. The Company operates in three lines of business across the United States: Surgical Facility Services, Ancillary Services and Optical Services. The Company’s Surgical Facility Services segment consists of the operation of ambulatory surgery centers (ASCs) and surgical hospitals, which include its anesthesia services.
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