Irenic Capital Management LP Sells 1,047,583 Shares of Surgery Partners, Inc. $SGRY

Irenic Capital Management LP decreased its holdings in Surgery Partners, Inc. (NASDAQ:SGRY) by 92.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 84,620 shares of the company’s stock after selling 1,047,583 shares during the quarter. Irenic Capital Management LP owned 0.07% of Surgery Partners worth $1,307,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of Surgery Partners by 3,229.1% during the fourth quarter. SG Americas Securities LLC now owns 566,976 shares of the company’s stock valued at $8,760,000 after purchasing an additional 549,945 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Surgery Partners by 67.4% during the third quarter. JPMorgan Chase & Co. now owns 323,932 shares of the company’s stock valued at $7,010,000 after purchasing an additional 130,392 shares during the period. UBS Group AG boosted its holdings in Surgery Partners by 111.4% in the fourth quarter. UBS Group AG now owns 7,803,974 shares of the company’s stock worth $120,571,000 after purchasing an additional 4,113,052 shares during the last quarter. 8 Knots Management LLC bought a new stake in Surgery Partners in the 3rd quarter worth approximately $4,763,000. Finally, Sirios Capital Management L P bought a new stake in Surgery Partners in the 3rd quarter worth approximately $8,114,000.

Surgery Partners Stock Down 6.0%

Shares of SGRY stock opened at $14.23 on Thursday. Surgery Partners, Inc. has a 12 month low of $11.41 and a 12 month high of $24.10. The stock has a market cap of $1.86 billion, a P/E ratio of -23.72, a P/E/G ratio of 4.53 and a beta of 1.96. The company has a current ratio of 1.86, a quick ratio of 1.69 and a debt-to-equity ratio of 1.17. The company has a 50 day simple moving average of $13.90 and a two-hundred day simple moving average of $14.47.

Surgery Partners (NASDAQ:SGRY) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.12. Surgery Partners had a positive return on equity of 1.04% and a negative net margin of 2.28%.The firm had revenue of $810.90 million for the quarter, compared to the consensus estimate of $797.69 million. During the same quarter last year, the company earned $0.04 earnings per share. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, research analysts expect that Surgery Partners, Inc. will post 0.25 earnings per share for the current year.

Surgery Partners declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 26th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 9.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SGRY. Cantor Fitzgerald reissued an “overweight” rating on shares of Surgery Partners in a report on Wednesday, March 4th. Mizuho cut their price objective on Surgery Partners from $19.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. TD Cowen reduced their price objective on Surgery Partners from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Barclays reduced their price objective on Surgery Partners from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Surgery Partners in a research report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.18.

Surgery Partners 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.