Corebridge Financial Inc. Reduces Stock Holdings in Surgery Partners, Inc. (NASDAQ:SGRY)

Corebridge Financial Inc. lowered its stake in shares of Surgery Partners, Inc. (NASDAQ:SGRY) by 7.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,182 shares of the company’s stock after selling 2,882 shares during the quarter. Corebridge Financial Inc.’s holdings in Surgery Partners were worth $808,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. KBC Group NV lifted its position in Surgery Partners by 66.1% in the fourth quarter. KBC Group NV now owns 3,962 shares of the company’s stock valued at $84,000 after acquiring an additional 1,577 shares during the last quarter. MeadowBrook Investment Advisors LLC lifted its holdings in shares of Surgery Partners by 16.6% in the 4th quarter. MeadowBrook Investment Advisors LLC now owns 10,280 shares of the company’s stock valued at $218,000 after purchasing an additional 1,460 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Surgery Partners in the 4th quarter valued at about $245,000. KLP Kapitalforvaltning AS purchased a new position in Surgery Partners during the 4th quarter worth approximately $273,000. Finally, LPL Financial LLC increased its position in Surgery Partners by 22.4% during the fourth quarter. LPL Financial LLC now owns 16,749 shares of the company’s stock worth $355,000 after buying an additional 3,062 shares during the period.

Surgery Partners Trading Down 7.5 %

NASDAQ SGRY opened at $21.11 on Friday. Surgery Partners, Inc. has a 52-week low of $19.50 and a 52-week high of $33.97. The firm has a 50-day moving average price of $24.57 and a 200 day moving average price of $25.28. The stock has a market capitalization of $2.69 billion, a P/E ratio of -43.98, a P/E/G ratio of 19.21 and a beta of 2.40. The company has a quick ratio of 1.66, a current ratio of 1.80 and a debt-to-equity ratio of 0.99.

Surgery Partners (NASDAQ:SGRY) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Surgery Partners had a positive return on equity of 2.85% and a negative net margin of 2.03%. The business had revenue of $864.40 million during the quarter, compared to analysts’ expectations of $828.09 million. Equities research analysts expect that Surgery Partners, Inc. will post 0.67 EPS for the current year.

Insiders Place Their Bets

In other news, CFO David T. Doherty sold 13,641 shares of Surgery Partners stock in a transaction on Friday, February 7th. The stock was sold at an average price of $25.61, for a total transaction of $349,346.01. Following the completion of the transaction, the chief financial officer now owns 108,862 shares of the company’s stock, valued at $2,787,955.82. The trade was a 11.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Harrison R. Bane sold 56,315 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $25.64, for a total transaction of $1,443,916.60. Following the transaction, the insider now owns 107,037 shares of the company’s stock, valued at $2,744,428.68. This trade represents a 34.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 106,622 shares of company stock worth $2,717,860. Corporate insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SGRY. Macquarie decreased their price objective on Surgery Partners from $34.00 to $33.00 and set an “outperform” rating for the company in a report on Tuesday, March 11th. Royal Bank of Canada restated an “outperform” rating and issued a $35.00 price objective on shares of Surgery Partners in a research note on Tuesday, March 25th. Finally, Bank of America initiated coverage on shares of Surgery Partners in a research note on Monday, December 16th. They set a “buy” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.63.

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.