Varde Management L.P. Buys 248,009 Shares of Surgery Partners, Inc. $SGRY

Varde Management L.P. boosted its stake in shares of Surgery Partners, Inc. (NASDAQ:SGRY) by 32.8% during the second quarter, Holdings Channel.com reports. The fund owned 1,003,447 shares of the company’s stock after acquiring an additional 248,009 shares during the period. Surgery Partners comprises 24.6% of Varde Management L.P.’s investment portfolio, making the stock its 2nd largest position. Varde Management L.P.’s holdings in Surgery Partners were worth $16,858,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SGRY. Jupiter Topco LLC acquired a new stake in shares of Surgery Partners during the 2nd quarter worth $233,220,000. Pentwater Capital Management LP acquired a new position in Surgery Partners in the second quarter valued at about $195,384,000. BlackRock Inc. bought a new stake in Surgery Partners during the second quarter worth about $104,857,000. Hsbc Holdings PLC bought a new stake in Surgery Partners during the second quarter worth about $48,912,000. Finally, Goldman Sachs Group Inc. grew its stake in Surgery Partners by 528.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,959,686 shares of the company’s stock worth $30,277,000 after buying an additional 1,647,714 shares in the last quarter.

Insider Buying and Selling at Surgery Partners

In related news, Director Teresa DeLuca acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was acquired at an average cost of $14.35 per share, for a total transaction of $143,500.00. Following the completion of the acquisition, the director directly owned 66,843 shares of the company’s stock, valued at approximately $959,197.05. This trade represents a 17.59% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Benchmark reiterated a “buy” rating on shares of Surgery Partners in a research report on Tuesday, August 11th. Raymond James Financial set a $18.00 target price on Surgery Partners in a research note on Tuesday, August 11th. TD Cowen lifted their price target on Surgery Partners from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and set a $18.00 price target on shares of Surgery Partners in a report on Tuesday, August 11th. Finally, Zacks Research downgraded Surgery Partners from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 10th. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.45.

Surgery Partners Price Performance

NASDAQ:SGRY traded down $0.30 on Tuesday, hitting $13.96. The company had a trading volume of 2,046,141 shares, compared to its average volume of 1,664,944. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of -19.94, a PEG ratio of 4.40 and a beta of 1.92. The company has a current ratio of 1.95, a quick ratio of 1.78 and a debt-to-equity ratio of 1.18. The firm has a 50 day moving average of $15.35 and a two-hundred day moving average of $14.35. Surgery Partners, Inc. has a 52 week low of $11.41 and a 52 week high of $23.44.

Surgery Partners (NASDAQ:SGRY) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. Surgery Partners had a positive return on equity of 0.88% and a negative net margin of 2.63%.The firm had revenue of $848.90 million for the quarter, compared to analyst estimates of $830.03 million. During the same period last year, the firm posted $0.17 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, research analysts anticipate that Surgery Partners, Inc. will post 0.22 earnings per share for the current year.

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.