Surgery Partners (NASDAQ:SGRY) Trading Down 8.6% – Here’s What Happened

Surgery Partners, Inc. (NASDAQ:SGRY)’s share price traded down 8.6% on Wednesday . The stock traded as low as $14.54 and last traded at $14.4350. 1,440,170 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 1,729,877 shares. The stock had previously closed at $15.80.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Benchmark reaffirmed a “buy” rating on shares of Surgery Partners in a report on Tuesday, August 11th. Royal Bank Of Canada lowered their price target on Surgery Partners from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Tuesday, August 11th. Raymond James Financial set a $18.00 price target on Surgery Partners in a research report on Tuesday, August 11th. Zacks Research downgraded Surgery Partners from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. lifted their target price on Surgery Partners from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, September 14th. Seven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Surgery Partners has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Surgery Partners Trading Down 7.6%

The firm has a market cap of $1.91 billion, a PE ratio of -21.06, a P/E/G ratio of 4.23 and a beta of 1.92. The company’s fifty day moving average price is $14.78 and its two-hundred day moving average price is $14.25. The company has a quick ratio of 1.78, a current ratio of 1.95 and a debt-to-equity ratio of 1.18.

Surgery Partners (NASDAQ:SGRY) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.04. The firm had revenue of $848.90 million during the quarter, compared to analysts’ expectations of $830.03 million. Surgery Partners had a negative net margin of 2.63% and a positive return on equity of 0.88%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. As a group, sell-side analysts forecast that Surgery Partners, Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Transactions at Surgery Partners

In other Surgery Partners news, Director Teresa DeLuca bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was acquired at an average cost of $14.35 per share, with a total value of $143,500.00. Following the purchase, the director owned 66,843 shares in the company, valued at approximately $959,197.05. This represents a 17.59% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. PNC Financial Services Group Inc. lifted 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 acquiring an additional 2,051 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Surgery Partners in the 2nd quarter valued at approximately $38,000. Fifth Third Bancorp raised its holdings in Surgery Partners by 5,324.0% during the first quarter. Fifth Third Bancorp now owns 4,068 shares of the company’s stock worth $48,000 after purchasing an additional 3,993 shares during the last quarter. Alpine Global Management LLC acquired a new position in Surgery Partners during the fourth quarter worth $175,000. Finally, Empowered Funds LLC purchased a new stake in Surgery Partners during the second quarter worth $216,000.

Surgery Partners Company Profile

Surgery Partners, Inc (NASDAQ: SGRY) is a healthcare services company that owns and operates a network of ambulatory surgery centers and surgical hospitals in the United States. The company works with physicians and health systems to provide outpatient and same-day surgical care in settings outside traditional hospital facilities.

Its services cover a range of specialties, including orthopedics, pain management, gastroenterology, ophthalmology, gynecology, urology and other procedural areas.