Segall Bryant & Hamill Boosts Stake in Surgery Partners by 20.3%

Segall Bryant & Hamill LLC has significantly increased its investment in Surgery Partners, Inc. (NASDAQ: SGRY), raising its holdings by 20.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns 178,578 shares of Surgery Partners, having acquired an additional 30,145 shares during the quarter. This brings the total value of Segall Bryant & Hamill’s stake in the company to approximately $3.97 million.

Other institutional investors have also been active in the market for Surgery Partners. In the first quarter, Allianz Asset Management GmbH purchased a new stake valued at about $420,000. Universal Beteiligungs und Servicegesellschaft mbH acquired shares worth approximately $1.997 million, while XTX Topco Ltd added a position valued at around $479,000. Additionally, Bayforest Capital Ltd and Modera Wealth Management LLC invested $1.017 million and $244,000, respectively, during the same period.

Surgery Partners’ stock experienced a modest increase of 2.8%, opening at $16.29 on Tuesday. The company boasts a market capitalization of $2.11 billion and has a price-to-earnings ratio of -11.39, indicative of its current financial performance. The firm’s debt-to-equity ratio stands at 1.10, with a current ratio of 1.93 and a quick ratio of 1.78. Over the past year, the stock has fluctuated between a low of $14.94 and a high of $26.16.

Analysts Adjust Price Targets for Surgery Partners

Recent reports from various research firms have provided updated insights into the future performance of Surgery Partners. On July 28, 2023, Bank of America initiated coverage with a “buy” rating and a price target of $28.00. Conversely, Weiss Ratings issued a “sell (e+)” rating on November 17, 2023. Barclays revised its price target from $24.00 to $18.00, maintaining an “equal weight” rating on the stock. Cantor Fitzgerald restated an “overweight” rating, setting a more optimistic price objective of $36.00 on October 7, 2023, while the Royal Bank of Canada lowered its target from $35.00 to $31.00.

As of now, seven investment analysts have rated Surgery Partners with a “Buy” rating, two have issued a “Hold” recommendation, and one has assigned a “Sell” rating. According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with a consensus price target of $27.44.

Insider Trading Activity

In related news, insider Harrison R. Bane sold 9,339 shares of Surgery Partners on September 4, 2023, at an average price of $22.48. This transaction amounted to a total of $209,940.72. Following this sale, Bane retained ownership of 117,181 shares, valued at approximately $2.63 million. This sale represented a 7.38% decrease in his overall ownership of the stock. Currently, corporate insiders hold 2.70% of the company’s stock.

Surgery Partners, Inc. operates a network of surgical facilities and ancillary services across the United States. The company specializes in providing ambulatory surgery centers and surgical hospitals that facilitate a range of non-emergency surgical procedures, including orthopedics, pain management, ophthalmology, gastroenterology, and general surgery.

For those interested in further insights into Surgery Partners and related market movements, comprehensive reports can be accessed on various financial platforms.