Zacks Investment Research Downgrades Surgery Partners (SGRY) to Sell

Surgery Partners (NASDAQ:SGRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “Surgery Partners, Inc. is a healthcare services company. The Company’s outpatient delivery model focused on providing solutions for surgical and related ancillary care in support of its patients and physicians. Its operating segment consists of Surgical Facility Services segment, Ancillary Services segment and Optical Services segment. Surgery Partners, Inc. is based in Nashville, Tennessee. “

A number of other brokerages have also issued reports on SGRY. ValuEngine lowered Surgery Partners from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Bank of America lowered Surgery Partners from a “buy” rating to a “neutral” rating and set a $19.00 target price for the company. in a research note on Wednesday, November 1st. Benchmark set a $19.00 target price on Surgery Partners and gave the stock a “buy” rating in a research note on Tuesday, January 30th. BidaskClub upgraded Surgery Partners from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 12th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $18.00 target price on shares of Surgery Partners in a research note on Sunday, November 12th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $17.86.

Surgery Partners (NASDAQ:SGRY) traded up $0.05 during trading on Tuesday, hitting $16.25. The stock had a trading volume of 198,100 shares, compared to its average volume of 405,876. The company has a debt-to-equity ratio of 1.56, a current ratio of 2.09 and a quick ratio of 1.92. The firm has a market cap of $792.50, a PE ratio of -35.33 and a beta of 2.47. Surgery Partners has a 52-week low of $7.10 and a 52-week high of $24.05.

Surgery Partners declared that its Board of Directors has initiated a share buyback program on Friday, December 15th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge funds have recently modified their holdings of the stock. Citadel Advisors LLC purchased a new position in shares of Surgery Partners during the 3rd quarter valued at about $129,000. Round Table Services LLC purchased a new position in shares of Surgery Partners during the 3rd quarter valued at about $138,000. We Are One Seven LLC purchased a new position in shares of Surgery Partners during the 4th quarter valued at about $138,000. BlueCrest Capital Management Ltd purchased a new position in shares of Surgery Partners during the 4th quarter valued at about $157,000. Finally, Aperio Group LLC purchased a new position in shares of Surgery Partners during the 4th quarter valued at about $173,000. Institutional investors own 98.82% of the company’s stock.

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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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