8 Knots Management LLC Takes Position in Surgery Partners, Inc. $SGRY

8 Knots Management LLC acquired a new position in Surgery Partners, Inc. (NASDAQ:SGRY) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 220,088 shares of the company’s stock, valued at approximately $4,763,000. Surgery Partners makes up about 0.5% of 8 Knots Management LLC’s holdings, making the stock its 19th largest holding. 8 Knots Management LLC owned about 0.17% of Surgery Partners as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SGRY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Surgery Partners by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company’s stock valued at $1,085,000 after acquiring an additional 2,015 shares during the last quarter. Millennium Management LLC raised its position in Surgery Partners by 1,253.7% during the first quarter. Millennium Management LLC now owns 202,274 shares of the company’s stock worth $4,804,000 after acquiring an additional 219,806 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Surgery Partners by 11.0% in the first quarter. Empowered Funds LLC now owns 12,853 shares of the company’s stock valued at $305,000 after purchasing an additional 1,278 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Surgery Partners by 7.5% in the second quarter. Envestnet Asset Management Inc. now owns 32,763 shares of the company’s stock valued at $728,000 after purchasing an additional 2,284 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Surgery Partners by 0.5% in the second quarter. Geode Capital Management LLC now owns 1,916,384 shares of the company’s stock valued at $42,606,000 after purchasing an additional 9,836 shares in the last quarter.

Surgery Partners Trading Down 2.8%

Shares of SGRY opened at $12.38 on Friday. Surgery Partners, Inc. has a fifty-two week low of $12.25 and a fifty-two week high of $24.60. The company has a market capitalization of $1.60 billion, a PE ratio of -19.97 and a beta of 1.95. The stock has a fifty day moving average of $14.95 and a two-hundred day moving average of $17.75. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.71 and a current ratio of 1.87.

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

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SGRY. Mizuho dropped their price objective on shares of Surgery Partners from $19.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Surgery Partners in a research note on Wednesday, March 4th. Benchmark reiterated a “buy” rating on shares of Surgery Partners in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Surgery Partners in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. cut their price target on Surgery Partners from $27.00 to $20.00 and set a “neutral” rating for the company in a report on Monday, November 24th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.36.

Insider Transactions at Surgery Partners

In other news, CFO David T. Doherty sold 14,574 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $13.84, for a total transaction of $201,704.16. Following the completion of the transaction, the chief financial officer owned 88,803 shares of the company’s stock, valued at $1,229,033.52. This represents a 14.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jason Eric Evans sold 11,462 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.79, for a total transaction of $158,060.98. Following the transaction, the chief executive officer owned 662,680 shares in the company, valued at approximately $9,138,357.20. The trade was a 1.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 54,705 shares of company stock worth $752,106 in the last quarter. 2.70% of the stock is currently owned by corporate insiders.

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.