King Street Capital Management L.P. Acquires Shares of 1,450,000 Surgery Partners, Inc. (NASDAQ:SGRY)

King Street Capital Management L.P. purchased a new position in shares of Surgery Partners, Inc. (NASDAQ:SGRY - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,450,000 shares of the company's stock, valued at approximately $46,748,000. Surgery Partners accounts for about 30.8% of King Street Capital Management L.P.'s investment portfolio, making the stock its biggest holding. King Street Capital Management L.P. owned 1.14% of Surgery Partners at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC lifted its position in shares of Surgery Partners by 190.0% in the second quarter. SG Americas Securities LLC now owns 17,276 shares of the company's stock worth $411,000 after purchasing an additional 11,318 shares in the last quarter. Raymond James & Associates raised its holdings in Surgery Partners by 6.8% during the second quarter. Raymond James & Associates now owns 68,872 shares of the company's stock worth $1,638,000 after acquiring an additional 4,370 shares in the last quarter. MeadowBrook Investment Advisors LLC boosted its position in Surgery Partners by 15.9% during the second quarter. MeadowBrook Investment Advisors LLC now owns 12,320 shares of the company's stock valued at $293,000 after purchasing an additional 1,690 shares during the last quarter. Tranquility Partners LLC grew its stake in Surgery Partners by 7.3% in the second quarter. Tranquility Partners LLC now owns 61,892 shares of the company's stock valued at $1,472,000 after purchasing an additional 4,192 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Surgery Partners by 12.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 347,485 shares of the company's stock worth $8,267,000 after purchasing an additional 38,285 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. UBS Group started coverage on shares of Surgery Partners in a research note on Monday, October 14th. They issued a "buy" rating and a $38.00 target price for the company. KeyCorp assumed coverage on shares of Surgery Partners in a research note on Friday, October 11th. They issued a "sector weight" rating for the company. Macquarie reissued an "outperform" rating and set a $34.00 price target on shares of Surgery Partners in a research report on Tuesday, November 19th. JPMorgan Chase & Co. cut their price objective on Surgery Partners from $38.00 to $28.00 and set a "neutral" rating for the company in a research report on Tuesday, December 3rd. Finally, Benchmark reiterated a "buy" rating and set a $50.00 target price on shares of Surgery Partners in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.38.

Surgery Partners Stock Performance

Shares of NASDAQ SGRY traded down $0.55 during trading hours on Wednesday, reaching $21.00. 984,506 shares of the stock were exchanged, compared to its average volume of 981,952. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of -43.75, a P/E/G ratio of 18.22 and a beta of 2.58. The stock's fifty day simple moving average is $27.58 and its 200 day simple moving average is $28.09. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.66 and a current ratio of 1.80. Surgery Partners, Inc. has a 52 week low of $20.90 and a 52 week high of $36.92.

Surgery Partners (NASDAQ:SGRY - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.19 EPS for the quarter, missing analysts' consensus estimates of $0.25 by ($0.06). The firm had revenue of $770.40 million during the quarter, compared to analyst estimates of $768.99 million. Surgery Partners had a negative net margin of 2.03% and a positive return on equity of 2.85%. The business's quarterly revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. Sell-side analysts predict that Surgery Partners, Inc. will post 0.73 EPS for the current year.

Surgery Partners Profile

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.