Surgery Partners (NASDAQ:SGRY) Price Target Lowered to $35.00 at Royal Bank of Canada

Surgery Partners (NASDAQ:SGRY) had its price objective trimmed by Royal Bank of Canada from $49.00 to $35.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently issued reports on SGRY. KeyCorp began coverage on Surgery Partners in a research report on Friday, October 11th. They set a “sector weight” rating on the stock. StockNews.com cut Surgery Partners from a “hold” rating to a “sell” rating in a report on Wednesday, August 7th. Benchmark reaffirmed a “buy” rating and set a $50.00 target price on shares of Surgery Partners in a report on Monday, August 26th. Macquarie reissued an “outperform” rating and issued a $34.00 price target on shares of Surgery Partners in a report on Tuesday, November 19th. Finally, Citigroup reduced their price objective on shares of Surgery Partners from $38.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $38.71.

Surgery Partners Stock Performance

Shares of SGRY opened at $23.01 on Wednesday. The stock has a 50 day moving average of $29.86 and a 200 day moving average of $28.35. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -47.94, a PEG ratio of 19.44 and a beta of 2.76. Surgery Partners has a 12 month low of $21.36 and a 12 month high of $36.92. The company has a current ratio of 1.80, a quick ratio of 1.66 and a debt-to-equity ratio of 0.99.

Surgery Partners (NASDAQ:SGRY) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.06). The firm had revenue of $770.40 million for the quarter, compared to the consensus estimate of $768.99 million. Surgery Partners had a negative net margin of 2.03% and a positive return on equity of 2.85%. Surgery Partners’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period last year, the company posted $0.15 earnings per share. As a group, sell-side analysts forecast that Surgery Partners will post 0.73 earnings per share for the current year.

Institutional Investors Weigh In On Surgery Partners

Several hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its stake in Surgery Partners by 7,987.1% in the 1st quarter. Janus Henderson Group PLC now owns 2,504,248 shares of the company’s stock worth $74,701,000 after purchasing an additional 2,473,282 shares in the last quarter. Deerfield Management Company L.P. Series C raised its holdings in Surgery Partners by 47.7% in the second quarter. Deerfield Management Company L.P. Series C now owns 4,707,287 shares of the company’s stock worth $111,986,000 after buying an additional 1,520,484 shares during the last quarter. King Street Capital Management L.P. bought a new position in shares of Surgery Partners in the third quarter worth approximately $46,748,000. Point72 Asset Management L.P. purchased a new stake in shares of Surgery Partners during the second quarter valued at approximately $29,288,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Surgery Partners by 140.4% during the third quarter. Victory Capital Management Inc. now owns 1,330,399 shares of the company’s stock valued at $42,892,000 after buying an additional 777,038 shares during the last quarter.

About Surgery Partners

Surgery Partners, Inc, together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery.