Surgery Partners, Inc. (SGRY) Trading Down 12.8% After Analyst Downgrade
Shares of Surgery Partners, Inc. (NASDAQ:SGRY) were down 12.8% during mid-day trading on Monday after Bank of America Corporation lowered their price target on the stock from $23.00 to $19.00. Bank of America Corporation currently has a buy rating on the stock. Surgery Partners traded as low as $9.60 and last traded at $9.85. Approximately 651,875 shares traded hands during trading, an increase of 32% from the average daily volume of 492,085 shares. The stock had previously closed at $11.30.
SGRY has been the topic of several other reports. Zacks Investment Research downgraded Surgery Partners from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 12th. Jefferies Group LLC restated a “buy” rating and issued a $16.00 price objective (down from $22.00) on shares of Surgery Partners in a research report on Friday, September 8th. BidaskClub downgraded Surgery Partners from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 5th. Citigroup Inc. restated a “buy” rating and issued a $17.00 price objective (down from $28.00) on shares of Surgery Partners in a research report on Friday, August 11th. Finally, KeyCorp restated a “hold” rating on shares of Surgery Partners in a research report on Friday, September 22nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $19.29.
In other news, major shareholder H.I.G. Surgery Centers, Llc sold 26,455,651 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $19.00, for a total value of $502,657,369.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 7.50% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of Surgery Partners by 16.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 13,716 shares of the company’s stock valued at $312,000 after acquiring an additional 1,963 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Surgery Partners in the second quarter valued at about $306,000. JHL Capital Group LLC purchased a new position in shares of Surgery Partners in the second quarter valued at about $2,275,000. State Street Corp lifted its position in shares of Surgery Partners by 7.7% in the second quarter. State Street Corp now owns 354,115 shares of the company’s stock worth $8,059,000 after buying an additional 25,446 shares in the last quarter. Finally, Fred Alger Management Inc. purchased a new stake in shares of Surgery Partners in the second quarter worth about $569,000. Institutional investors and hedge funds own 38.06% of the company’s stock.
The company has a 50 day moving average price of $9.87 and a 200-day moving average price of $17.24. The stock has a market cap of $480.79 million, a P/E ratio of 64.80 and a beta of 2.05.
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Surgery Partners Company Profile
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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