Surgery Partners (NASDAQ:SGRY) to Repurchase $50.00 million in Outstanding Stock

Surgery Partners (NASDAQ:SGRY) declared that its board has authorized a stock repurchase plan, which authorizes the company to buyback $50.00 million in shares on Friday, December 15th, EventVestor reports. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Several research firms have recently weighed in on SGRY. BidaskClub raised shares of Surgery Partners from a “sell” rating to a “hold” rating in a report on Wednesday, December 27th. ValuEngine cut shares of Surgery Partners from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. Bank of America reduced their target price on shares of Surgery Partners from $23.00 to $19.00 and set a “buy” rating for the company in a report on Monday, October 9th. KeyCorp reaffirmed a “hold” rating on shares of Surgery Partners in a report on Friday, September 22nd. Finally, Zacks Investment Research raised shares of Surgery Partners from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 11th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $18.57.

Surgery Partners (SGRY) traded up $0.55 on Friday, hitting $15.20. 689,099 shares of the company’s stock were exchanged, compared to its average volume of 522,344. The company has a market capitalization of $741.29 and a price-to-earnings ratio of -168.89. Surgery Partners has a fifty-two week low of $7.10 and a fifty-two week high of $24.05. The company has a current ratio of 2.09, a quick ratio of 1.92 and a debt-to-equity ratio of 1.56.

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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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