Surgery Partners, Inc. $SGRY Stake Cut by Gabelli Funds LLC

Gabelli Funds LLC cut its position in shares of Surgery Partners, Inc. (NASDAQ:SGRY) by 23.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 181,897 shares of the company’s stock after selling 55,101 shares during the period. Gabelli Funds LLC’s holdings in Surgery Partners were worth $2,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in Surgery Partners by 313.1% during 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. California State Teachers Retirement System lifted its stake in Surgery Partners by 1.6% in the second quarter. California State Teachers Retirement System now owns 65,091 shares of the company’s stock valued at $1,447,000 after buying an additional 1,021 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in Surgery Partners by 4.5% in the fourth quarter. Sanctuary Advisors LLC now owns 28,488 shares of the company’s stock valued at $440,000 after buying an additional 1,218 shares during the last quarter. Empowered Funds LLC lifted its stake in 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 buying an additional 1,278 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Surgery Partners by 128.4% in the third quarter. PNC Financial Services Group Inc. now owns 2,702 shares of the company’s stock valued at $58,000 after buying an additional 1,519 shares during the last quarter.

Surgery Partners Price Performance

Shares of SGRY opened at $13.28 on Friday. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -22.13, a price-to-earnings-growth ratio of 9.56 and a beta of 1.99. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.69 and a current ratio of 1.86. Surgery Partners, Inc. has a one year low of $11.41 and a one year high of $24.10. The stock’s fifty day moving average is $13.23 and its 200-day moving average is $14.94.

Surgery Partners (NASDAQ:SGRY) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.12. The company had revenue of $810.90 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $0.04 earnings per share. Equities analysts anticipate that Surgery Partners, Inc. will post 0.1 EPS for the current year.

Surgery Partners announced that its Board of Directors has approved a stock repurchase program on Thursday, February 26th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 9.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Surgery Partners

In other news, insider Danielle Burkhalter sold 7,736 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.60, for a total transaction of $105,209.60. Following the transaction, the insider directly owned 37,103 shares of the company’s stock, valued at approximately $504,600.80. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David T. Doherty sold 14,574 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.84, for a total value of $201,704.16. Following the transaction, the chief financial officer directly owned 88,803 shares in the company, valued at $1,229,033.52. This trade represents a 14.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 96,896 shares of company stock valued at $1,284,058. 2.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SGRY has been the topic of a number of recent research reports. Benchmark reiterated a “buy” rating on shares of Surgery Partners in a research note on Tuesday, March 3rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Surgery Partners in a research note on Wednesday, March 4th. UBS Group reiterated a “buy” rating on shares of Surgery Partners in a research note on Wednesday, March 11th. Barclays cut their target price on Surgery Partners from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 3rd. Finally, Royal Bank Of Canada cut their target price on Surgery Partners from $31.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 4th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.