Hudson Bay Capital Management LP Sells 133,637 Shares of Surgery Partners, Inc. $SGRY

Hudson Bay Capital Management LP cut its holdings in shares of Surgery Partners, Inc. (NASDAQ:SGRY) by 28.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 339,609 shares of the company’s stock after selling 133,637 shares during the period. Hudson Bay Capital Management LP owned approximately 0.26% of Surgery Partners worth $7,349,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Pentwater Capital Management LP lifted its stake in Surgery Partners by 66.9% during the 3rd quarter. Pentwater Capital Management LP now owns 11,681,000 shares of the company’s stock valued at $252,777,000 after acquiring an additional 4,681,000 shares during the period. Glenview Capital Management LLC bought a new stake in shares of Surgery Partners in the second quarter worth approximately $33,995,000. UBS Group AG raised its holdings in shares of Surgery Partners by 50.6% during the third quarter. UBS Group AG now owns 3,690,922 shares of the company’s stock valued at $79,872,000 after purchasing an additional 1,239,549 shares during the last quarter. King Street Capital Management L.P. raised its holdings in shares of Surgery Partners by 24.5% during the second quarter. King Street Capital Management L.P. now owns 6,225,000 shares of the company’s stock valued at $138,382,000 after purchasing an additional 1,225,000 shares during the last quarter. Finally, Norges Bank bought a new position in Surgery Partners during the second quarter valued at approximately $26,609,000.

Surgery Partners Trading Down 2.1%

NASDAQ:SGRY opened at $11.80 on Friday. Surgery Partners, Inc. has a one year low of $11.61 and a one year high of $24.60. The business has a fifty day moving average price of $14.61 and a 200-day moving average price of $17.42. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of -19.03 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 released 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 negative net margin of 2.35% and a positive return on equity of 1.28%. The company had revenue of $885.00 million for the quarter, compared to analysts’ expectations of $866.54 million. During the same quarter last year, the firm posted $0.44 earnings per share. Surgery Partners’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts forecast that Surgery Partners, Inc. will post 0.67 EPS for the current year.

Surgery Partners announced that its Board of Directors has initiated a share buyback program on Thursday, February 26th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SGRY. Jefferies Financial Group restated a “buy” rating on shares of Surgery Partners in a report on Wednesday, March 4th. JPMorgan Chase & Co. lowered their price target on Surgery Partners from $27.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, November 24th. Weiss Ratings reissued a “sell (e+)” rating on shares of Surgery Partners in a report on Monday, December 29th. Barclays dropped their price target 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, Benchmark reaffirmed a “buy” rating on shares of Surgery Partners in a report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.36.

Insider Activity

In other news, CEO Jason Eric Evans sold 20,400 shares of Surgery Partners stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $12.47, for a total transaction of $254,388.00. Following the transaction, the chief executive officer directly owned 920,386 shares of the company’s stock, valued at $11,477,213.42. The trade was a 2.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Danielle Burkhalter sold 7,736 shares of the business’s 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 transaction, the insider 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 96,896 shares of company stock worth $1,284,058. 2.70% of the stock is currently owned by corporate insiders.

About Surgery Partners

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.