Surgery Partners (NASDAQ:SGRY) Reaches New 52-Week Low – What’s Next?

Surgery Partners, Inc. (NASDAQ:SGRY)’s share price reached a new 52-week low during trading on Friday . The company traded as low as $11.53 and last traded at $11.6790, with a volume of 84480 shares traded. The stock had previously closed at $11.85.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Benchmark reaffirmed a “buy” rating on shares of Surgery Partners in a research note on Tuesday, March 3rd. Royal Bank Of Canada dropped their target price on shares of Surgery Partners from $31.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Surgery Partners in a research report on Wednesday, March 4th. US Capital Advisors set a $21.00 price target on shares of Surgery Partners in a research report on Wednesday, March 11th. Finally, Mizuho decreased 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. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Surgery Partners currently has an average rating of “Moderate Buy” and an average target price of $23.36.

Surgery Partners Stock Down 3.0%

The firm has a 50-day simple moving average of $14.20 and a 200 day simple moving average of $17.02. The company has a market capitalization of $1.49 billion, a PE ratio of -18.53 and a beta of 1.95. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.87 and a quick ratio of 1.71.

Surgery Partners (NASDAQ:SGRY) last issued its earnings results on Monday, March 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.19). Surgery Partners had a positive return on equity of 1.28% and a negative net margin of 2.35%.The company had revenue of $885.00 million during the quarter, compared to analysts’ expectations of $866.54 million. During the same period in the previous year, the company earned $0.44 EPS. Surgery Partners’s quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts predict that Surgery Partners, Inc. will post 0.67 EPS for the current fiscal year.

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

Insider Transactions at Surgery Partners

In other Surgery Partners news, insider Danielle Burkhalter sold 7,736 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $13.60, for a total value of $105,209.60. Following the completion of the sale, the insider owned 37,103 shares of the company’s stock, valued at $504,600.80. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marissa Brittenham sold 8,785 shares of Surgery Partners stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $13.70, for a total transaction of $120,354.50. Following the sale, the insider owned 54,623 shares in the company, valued at $748,335.10. This represents a 13.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 96,896 shares of company stock worth $1,284,058 over the last 90 days. 2.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Surgery Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 buying an additional 2,015 shares during the last quarter. Millennium Management LLC increased its position in shares of 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 stake 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 worth $305,000 after acquiring an additional 1,278 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Surgery Partners by 31.6% in the second quarter. SG Americas Securities LLC now owns 10,507 shares of the company’s stock worth $234,000 after acquiring an additional 2,523 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Surgery Partners by 7.9% in the second quarter. Swiss National Bank now owns 146,200 shares of the company’s stock valued at $3,250,000 after purchasing an additional 10,700 shares during the last quarter.

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.