Surgery Partners (NASDAQ:SGRY) Hits New 52-Week Low – What’s Next?

Surgery Partners, Inc. (NASDAQ:SGRY)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $12.12 and last traded at $12.1550, with a volume of 151357 shares changing hands. The stock had previously closed at $12.65.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Surgery Partners in a research note on Monday, December 29th. Barclays dropped their price objective on shares of Surgery Partners from $18.00 to $14.00 and set an “equal weight” rating for the company in a report on Tuesday, March 3rd. Royal Bank Of Canada cut their target price on shares of Surgery Partners from $31.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. JPMorgan Chase & Co. reduced their target price on shares of Surgery Partners from $27.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Finally, Benchmark restated a “buy” rating on shares of Surgery Partners in a research note on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Surgery Partners currently has an average rating of “Moderate Buy” and a consensus target price of $23.36.

Surgery Partners Stock Performance

The stock has a 50-day moving average price of $14.83 and a 200 day moving average price of $17.57. The company has a quick ratio of 1.71, a current ratio of 1.87 and a debt-to-equity ratio of 1.15. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -19.74 and a beta of 1.95.

Surgery Partners (NASDAQ:SGRY) last issued its earnings results on Monday, March 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.19). Surgery Partners had a negative net margin of 2.35% and a positive return on equity of 1.28%. The firm had revenue of $885.00 million during the quarter, compared to analyst estimates of $866.54 million. During the same period last year, the business earned $0.44 EPS. The firm’s revenue was up 2.4% compared to the same quarter last year. On average, analysts forecast that Surgery Partners, Inc. will post 0.67 EPS for the current year.

Surgery Partners announced that its Board of Directors has approved a share buyback plan on Thursday, February 26th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jason Eric Evans sold 20,400 shares of Surgery Partners stock in a transaction on Monday, March 16th. The shares were sold at an average price of $12.47, for a total transaction of $254,388.00. Following the completion of the sale, the chief executive officer directly owned 920,386 shares of the company’s stock, valued at approximately $11,477,213.42. The trade was a 2.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Marissa Brittenham sold 3,657 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $12.54, for a total transaction of $45,858.78. Following the transaction, the insider owned 94,196 shares of the company’s stock, valued at approximately $1,181,217.84. The trade was a 3.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 96,896 shares of company stock worth $1,284,058. 2.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp raised its position in shares of Surgery Partners by 313.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,227 shares of the company’s stock worth $27,000 after acquiring an additional 930 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Surgery Partners by 45,640.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 2,287 shares of the company’s stock worth $49,000 after purchasing an additional 2,282 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Surgery Partners by 128.4% in the third quarter. PNC Financial Services Group Inc. now owns 2,702 shares of the company’s stock valued at $58,000 after purchasing an additional 1,519 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in Surgery Partners in the third quarter valued at approximately $121,000. Finally, State of Alaska Department of Revenue purchased a new position in Surgery Partners in the third quarter valued at approximately $151,000.

Surgery Partners Company Profile

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.