Irenic Capital Management LP Boosts Holdings in Surgery Partners, Inc. $SGRY

Irenic Capital Management LP raised its position in Surgery Partners, Inc. (NASDAQ:SGRY) by 339.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,132,203 shares of the company’s stock after purchasing an additional 874,704 shares during the period. Surgery Partners accounts for 2.6% of Irenic Capital Management LP’s investment portfolio, making the stock its 11th biggest position. Irenic Capital Management LP owned about 0.88% of Surgery Partners worth $24,501,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Jones Financial Companies Lllp boosted 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 valued at $27,000 after buying an additional 930 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Surgery Partners by 128.4% during the third quarter. PNC Financial Services Group Inc. now owns 2,702 shares of the company’s stock worth $58,000 after purchasing an additional 1,519 shares in the last quarter. Aquatic Capital Management LLC bought a new position in shares of Surgery Partners in the third quarter worth approximately $121,000. State of Alaska Department of Revenue purchased a new stake in Surgery Partners in the third quarter valued at approximately $151,000. Finally, Tower Research Capital LLC TRC raised its stake in Surgery Partners by 68.7% in the second quarter. Tower Research Capital LLC TRC now owns 9,313 shares of the company’s stock valued at $207,000 after purchasing an additional 3,794 shares in the last quarter.

Insider Transactions at Surgery Partners

In other news, insider Jennifer Baldock sold 10,082 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $13.70, for a total transaction of $138,123.40. Following the completion of the transaction, the insider directly owned 332,272 shares of the company’s stock, valued at approximately $4,552,126.40. This represents a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Danielle Burkhalter sold 7,736 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.60, for a total transaction of $105,209.60. Following the sale, the insider owned 37,103 shares of the company’s stock, valued at approximately $504,600.80. This represents a 17.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 54,705 shares of company stock valued at $752,106. Company insiders own 2.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SGRY. Royal Bank Of Canada lowered their price objective on shares of Surgery Partners from $31.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Benchmark reaffirmed a “buy” rating on shares of Surgery Partners in a research note on Tuesday, March 3rd. JPMorgan Chase & Co. decreased their target price on shares of Surgery Partners from $27.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, November 24th. Jefferies Financial Group reissued a “buy” rating on shares of Surgery Partners in a research note on Wednesday, March 4th. Finally, UBS Group restated a “buy” rating on shares of Surgery Partners in a research report on Wednesday. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.36.

Surgery Partners Stock Performance

NASDAQ:SGRY opened at $12.38 on Monday. The firm has a market cap of $1.60 billion, a PE ratio of -19.97 and a beta of 1.95. 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 debt-to-equity ratio of 1.15, a quick ratio of 1.71 and a current ratio of 1.87. The business has a 50 day moving average price of $14.95 and a 200-day moving average price of $17.72.

Surgery Partners (NASDAQ:SGRY) last issued its earnings results on Monday, March 2nd. The company reported $0.12 EPS 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 firm 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 firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. Equities research analysts predict that Surgery Partners, Inc. will post 0.67 earnings per share for the current year.

Surgery Partners declared that its Board of Directors has approved a share repurchase plan on Thursday, February 26th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to buy up to 9.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.