Surgery Partners (NASDAQ:SGRY) Trading 5.7% Higher – Here’s Why

Shares of Surgery Partners, Inc. (NASDAQ:SGRY) shot up 5.7% during trading on Tuesday . The company traded as high as $14.43 and last traded at $14.4440. 2,268,892 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 1,693,842 shares. The stock had previously closed at $13.66.

Analysts Set New Price Targets

SGRY has been the subject of several recent analyst reports. Royal Bank Of Canada lowered their target price on Surgery Partners from $20.00 to $19.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and issued a $18.00 price target on shares of Surgery Partners in a report on Tuesday, August 11th. TD Cowen restated a “buy” rating and set a $19.00 price objective on shares of Surgery Partners in a research note on Friday, September 18th. Raymond James Financial set a $18.00 target price on Surgery Partners in a research report on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Surgery Partners in a research report on Friday, August 21st. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Surgery Partners currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Surgery Partners Price Performance

The stock has a market capitalization of $1.91 billion, a P/E ratio of -20.80, a PEG ratio of 4.89 and a beta of 1.92. The company has a 50 day moving average of $14.76 and a 200-day moving average of $14.25. The company has a quick ratio of 1.78, a current ratio of 1.95 and a debt-to-equity ratio of 1.18.

Surgery Partners (NASDAQ:SGRY) last released its earnings results on Monday, August 10th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.04. Surgery Partners had a negative net margin of 2.63% and a positive return on equity of 0.88%. The firm had revenue of $848.90 million during the quarter, compared to analyst estimates of $830.03 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Surgery Partners, Inc. will post 0.25 EPS for the current year.

Insider Transactions at Surgery Partners

In related news, Director Teresa DeLuca bought 10,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was bought at an average cost of $14.35 per share, for a total transaction of $143,500.00. Following the completion of the purchase, the director directly owned 66,843 shares in the company, valued at approximately $959,197.05. The trade was a 17.59% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its stake in Surgery Partners by 239.6% in the first quarter. PNC Financial Services Group Inc. now owns 2,907 shares of the company’s stock valued at $35,000 after buying an additional 2,051 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Surgery Partners in the 2nd quarter worth about $38,000. Fifth Third Bancorp increased its stake in shares of Surgery Partners by 5,324.0% in the first quarter. Fifth Third Bancorp now owns 4,068 shares of the company’s stock valued at $48,000 after purchasing an additional 3,993 shares during the period. Alpine Global Management LLC acquired a new stake in shares of Surgery Partners in the fourth quarter valued at approximately $175,000. Finally, Empowered Funds LLC bought a new stake in shares of Surgery Partners during the second quarter valued at approximately $216,000.

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.