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

Irenic Capital Management LP lowered its position in Surgery Partners, Inc. (NASDAQ:SGRY) by 92.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 84,620 shares of the company’s stock after selling 1,047,583 shares during the period. Irenic Capital Management LP’s holdings in Surgery Partners were worth $1,307,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of SGRY. Pentwater Capital Management LP grew its position in shares of Surgery Partners by 66.9% during the third quarter. Pentwater Capital Management LP now owns 11,681,000 shares of the company’s stock worth $252,777,000 after purchasing an additional 4,681,000 shares in the last quarter. UBS Group AG raised its stake in Surgery Partners by 111.4% during the 4th quarter. UBS Group AG now owns 7,803,974 shares of the company’s stock valued at $120,571,000 after purchasing an additional 4,113,052 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Surgery Partners by 528.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,959,686 shares of the company’s stock worth $30,277,000 after purchasing an additional 1,647,714 shares in the last quarter. Glenview Capital Management LLC purchased a new position in Surgery Partners in the 2nd quarter worth approximately $33,995,000. Finally, Dimensional Fund Advisors LP boosted its stake in Surgery Partners by 25.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,860,215 shares of the company’s stock worth $105,177,000 after purchasing an additional 988,956 shares during the period.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Surgery Partners in a research note on Tuesday, May 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Surgery Partners in a research report on Wednesday, March 4th. US Capital Advisors set a $21.00 target price on Surgery Partners in a report on Wednesday, March 11th. UBS Group reiterated a “buy” rating on shares of Surgery Partners in a research report on Wednesday, March 11th. Finally, Royal Bank Of Canada dropped their price target on Surgery Partners from $31.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.18.

Surgery Partners Trading Down 6.0%

SGRY stock opened at $14.23 on Thursday. The firm has a market cap of $1.86 billion, a PE ratio of -23.72, a price-to-earnings-growth ratio of 4.53 and a beta of 1.96. Surgery Partners, Inc. has a fifty-two week low of $11.41 and a fifty-two week high of $24.10. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.69 and a current ratio of 1.86. The firm has a fifty day moving average price of $13.90 and a 200 day moving average price of $14.47.

Surgery Partners (NASDAQ:SGRY) last released its quarterly earnings results on Tuesday, May 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.12. The company had revenue of $810.90 million during 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 firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the business posted $0.04 earnings per share. Sell-side analysts anticipate that Surgery Partners, Inc. will post 0.25 earnings per share for the current fiscal year.

Surgery Partners declared that its board has approved a stock buyback program on Thursday, February 26th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to buy up to 9.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is 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.