Surgery Partners (SGRY) Shares Down 0% Following Weak Earnings
Surgery Partners Inc (NASDAQ:SGRY) was down 0% during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $14.25 and last traded at $14.95. Approximately 767,500 shares traded hands during trading, an increase of 97% from the average daily volume of 389,462 shares. The stock had previously closed at $14.95.
The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). The firm had revenue of $460.30 million for the quarter, compared to analysts’ expectations of $438.30 million. Surgery Partners had a positive return on equity of 1.03% and a negative net margin of 0.33%. The business’s revenue for the quarter was up 50.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.35 EPS.
Surgery Partners declared that its Board of Directors has initiated a stock repurchase program on Friday, December 15th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
Several institutional investors and hedge funds have recently made changes to their positions in SGRY. Northern Trust Corp boosted its stake in shares of Surgery Partners by 36.0% during the second quarter. Northern Trust Corp now owns 307,738 shares of the company’s stock worth $7,001,000 after buying an additional 81,468 shares during the period. Vanguard Group Inc. boosted its stake in shares of Surgery Partners by 5.6% during the second quarter. Vanguard Group Inc. now owns 1,595,966 shares of the company’s stock worth $36,309,000 after buying an additional 85,148 shares during the period. Dimensional Fund Advisors LP acquired a new stake in shares of Surgery Partners during the second quarter worth about $3,171,000. Voya Investment Management LLC acquired a new stake in shares of Surgery Partners during the second quarter worth about $222,000. Finally, Royal Bank of Canada boosted its stake in shares of Surgery Partners by 680.5% during the second quarter. Royal Bank of Canada now owns 10,544 shares of the company’s stock worth $240,000 after buying an additional 9,193 shares during the period. Institutional investors and hedge funds own 98.82% of the company’s stock.
The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.92 and a current ratio of 2.09.
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Surgery Partners Company Profile
Surgery Partners, Inc is a healthcare services company. The Company operates in three lines of business across the United States: Surgical Facility Services, Ancillary Services and Optical Services. The Company’s Surgical Facility Services segment consists of the operation of ambulatory surgery centers (ASCs) and surgical hospitals, which include its anesthesia services.
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