Surgery Partners (NASDAQ:SGRY) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Surgery Partners (NASDAQ:SGRY) from a hold rating to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

Several other equities research analysts also recently commented on SGRY. UBS Group restated a “buy” rating on shares of Surgery Partners in a report on Wednesday, March 11th. Cantor Fitzgerald restated an “overweight” rating on shares of Surgery Partners in a report on Wednesday, March 4th. TD Cowen decreased their price objective on Surgery Partners from $28.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, March 5th. US Capital Advisors set a $21.00 price objective on Surgery Partners in a report on Wednesday, March 11th. Finally, Mizuho decreased 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. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Surgery Partners presently has a consensus rating of “Moderate Buy” and an average target price of $22.18.

Surgery Partners Trading Up 0.2%

NASDAQ SGRY opened at $13.71 on Thursday. The company has a market cap of $1.79 billion, a price-to-earnings ratio of -22.85, a P/E/G ratio of 5.27 and a beta of 1.96. Surgery Partners has a 52 week low of $11.41 and a 52 week high of $24.10. The business has a 50 day moving average price of $13.48 and a 200-day moving average price of $14.56. The company has a quick ratio of 1.69, a current ratio of 1.86 and a debt-to-equity ratio of 1.17.

Surgery Partners (NASDAQ:SGRY) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.12. The firm had revenue of $810.90 million during the quarter, compared to the consensus estimate of $797.69 million. Surgery Partners had a positive return on equity of 1.04% and a negative net margin of 2.28%.The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 earnings per share. As a group, equities analysts expect that Surgery Partners will post 0.19 earnings per share for the current fiscal year.

Surgery Partners announced that its Board of Directors has initiated a stock buyback program on Thursday, February 26th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 9.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Surgery Partners

In related news, insider Marissa Brittenham sold 3,657 shares of the company’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 completion of the sale, the insider owned 94,196 shares in the company, valued at approximately $1,181,217.84. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jason Eric Evans sold 20,400 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $12.47, for a total value of $254,388.00. Following the sale, the chief executive officer owned 920,386 shares of the company’s stock, valued at $11,477,213.42. This trade represents a 2.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,191 shares of company stock valued at $531,951 in the last three months. Insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Surgery Partners

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in Surgery Partners by 313.1% in the third quarter. Jones Financial Companies Lllp now owns 1,227 shares of the company’s stock worth $27,000 after purchasing an additional 930 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Surgery Partners by 239.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,907 shares of the company’s stock valued at $35,000 after purchasing an additional 2,051 shares during the last quarter. Fifth Third Bancorp increased its position in shares of Surgery Partners by 5,324.0% during the 1st 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 last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Surgery Partners by 45,640.0% during the 3rd 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 period. Finally, Aquatic Capital Management LLC purchased a new position in shares of Surgery Partners in the 3rd quarter worth about $121,000.

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.