Surgery Partners, Inc. (SGRY) Trading Down 12.8% on Analyst Downgrade

Surgery Partners, Inc. (NASDAQ:SGRY) dropped 12.8% on Monday after Bank of America Corporation lowered their price target on the stock from $23.00 to $19.00. Bank of America Corporation currently has a buy rating on the stock. Surgery Partners traded as low as $9.60 and last traded at $9.85. Approximately 651,875 shares were traded during trading, an increase of 32% from the average daily volume of 492,085 shares. The stock had previously closed at $11.30.

Several other brokerages also recently weighed in on SGRY. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Surgery Partners in a research note on Wednesday, August 9th. BidaskClub downgraded shares of Surgery Partners from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $16.00 target price (down previously from $22.00) on shares of Surgery Partners in a research note on Friday, September 8th. KeyCorp restated a “hold” rating on shares of Surgery Partners in a research report on Friday, September 22nd. Finally, Zacks Investment Research upgraded shares of Surgery Partners from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $19.29.

In related news, major shareholder H.I.G. Surgery Centers, Llc sold 26,455,651 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $19.00, for a total value of $502,657,369.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.50% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Atria Investments LLC lifted its position in Surgery Partners by 2.3% in the second quarter. Atria Investments LLC now owns 10,627 shares of the company’s stock valued at $242,000 after purchasing an additional 238 shares during the period. Alliancebernstein L.P. increased its holdings in Surgery Partners by 1.1% in the second quarter. Alliancebernstein L.P. now owns 28,400 shares of the company’s stock valued at $646,000 after buying an additional 300 shares in the last quarter. Campbell Newman Asset Management Inc. increased its holdings in Surgery Partners by 4.9% in the second quarter. Campbell Newman Asset Management Inc. now owns 12,649 shares of the company’s stock valued at $288,000 after buying an additional 586 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Surgery Partners by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 229,575 shares of the company’s stock valued at $5,223,000 after buying an additional 605 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in Surgery Partners by 2.5% in the first quarter. Parametric Portfolio Associates LLC now owns 28,172 shares of the company’s stock valued at $549,000 after buying an additional 689 shares in the last quarter. Hedge funds and other institutional investors own 38.06% of the company’s stock.

The stock’s 50-day moving average price is $9.88 and its 200 day moving average pric

Several other brokerages also recently weighed in on SGRY. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Surgery Partners in a research note on Wednesday, August 9th. BidaskClub downgraded shares of Surgery Partners from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $16.00 target price (down previously from $22.00) on shares of Surgery Partners in a research note on Friday, September 8th. KeyCorp restated a “hold” rating on shares of Surgery Partners in a research report on Friday, September 22nd. Finally, Zacks Investment Research upgraded shares of Surgery Partners from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $19.29.

In related news, major shareholder H.I.G. Surgery Centers, Llc sold 26,455,651 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $19.00, for a total value of $502,657,369.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.50% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the stock. Atria Investments LLC lifted its position in Surgery Partners by 2.3% in the second quarter. Atria Investments LLC now owns 10,627 shares of the company’s stock valued at $242,000 after purchasing an additional 238 shares during the period. Alliancebernstein L.P. increased its holdings in Surgery Partners by 1.1% in the second quarter. Alliancebernstein L.P. now owns 28,400 shares of the company’s stock valued at $646,000 after buying an additional 300 shares in the last quarter. Campbell Newman Asset Management Inc. increased its holdings in Surgery Partners by 4.9% in the second quarter. Campbell Newman Asset Management Inc. now owns 12,649 shares of the company’s stock valued at $288,000 after buying an additional 586 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in Surgery Partners by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 229,575 shares of the company’s stock valued at $5,223,000 after buying an additional 605 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in Surgery Partners by 2.5% in the first quarter. Parametric Portfolio Associates LLC now owns 28,172 shares of the company’s stock valued at $549,000 after buying an additional 689 shares in the last quarter. Hedge funds and other institutional investors own 38.06% of the company’s stock.

The stock’s 50-day moving average price is $9.88 and its 200 day moving average price is $17.16. The company has a market capitalization of $461.26 million, a P/E ratio of 62.17 and a beta of 2.05.

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About Surgery Partners

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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