Surgery Partners, Inc. (NASDAQ:SGRY) reported that Danielle Burkhalter, the company's Chief Human Resources Officer, sold 6,000 shares of company stock on June 12, 2024, for a total value of $158,310 at an average price of $26.385 per share.
The transaction was disclosed in a filing with the Securities and Exchange Commission. Following the sale, Burkhalter's direct ownership in Surgery Partners stands at 30,354 shares. The sale occurred as part of a planned transaction by the executive, as indicated by the company's filing.
Surgery Partners, Inc. is known for providing healthcare services and operates surgical facilities across the United States. The sale by a top executive might be of interest to investors who track insider transactions as a gauge of management's confidence in the company's prospects.
Investors and shareholders of Surgery Partners can access the details of the transaction through the company's SEC filings. The stock sale represents a routine financial move and the details provided offer transparency about executive stock ownership changes.
The company's shares traded on the NASDAQ under the ticker symbol SGRY and the recent transactions by company executives are publicly available for review by investors and regulatory bodies.
In other recent news, Surgery Partners, a leading healthcare services provider, has reported robust first-quarter growth for 2024. The company's net revenues reached approximately $717 million, marking a 7.7% increase year-over-year. The growth was even more significant on a same-facility basis, with a 10.2% rise. Adjusted EBITDA for the quarter was $97.5 million, an 8.2% increase from the prior year.
In addition to its financial performance, Surgery Partners recently held its 2024 Annual Meeting of Stockholders, where several key proposals were approved. These included the election of directors, executive compensation, and an employee stock purchase plan. The company also ratified the appointment of Deloitte & Touche LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024.
Looking ahead, Surgery Partners has raised its full-year net revenue and adjusted EBITDA forecasts to at least $3.05 billion and $505 million, respectively. The company also anticipates closing on $200 million to $250 million in acquisitions in the second quarter. Despite a revenue decrease of $36 million from divested facilities and uncertainty in Medicaid reimbursement and state tax policy, the company expects to exceed the 2% to 3% volume growth target for the year. These are recent developments that underscore the company's strong Q1 performance and positive outlook for the year.
InvestingPro Insights
Surgery Partners, Inc. (NASDAQ:SGRY) has been navigating a dynamic market landscape, and recent insider trading activity may prompt investors to look closely at the company's financial health and future prospects. According to the latest InvestingPro data, Surgery Partners boasts a market capitalization of $3.21 billion. Despite the insider sale, the company has shown a revenue growth of 7.1% over the last twelve months as of Q1 2024, indicating a steady upward trend in its financial performance.
InvestingPro Tips suggest that Surgery Partners is expected to see net income growth this year, which could be a positive sign for investors considering the recent insider sale. Additionally, the company has been profitable over the last twelve months and analysts predict it will remain profitable this year. This could be a signal of underlying strength in Surgery Partners' business model and operational efficiency, potentially reassuring investors following the insider transaction.
However, potential investors should be aware of the high earnings multiple, with an adjusted P/E ratio as of Q1 2024 at a substantial 3595.49, which might be a point of concern as it indicates that the stock is trading at a premium compared to earnings. Moreover, the company's stock price movements have been quite volatile, with a 1-year price total return of -31.93%, highlighting the need for cautious investment strategies.
For those seeking to delve deeper into Surgery Partners' financials and gain more insights, InvestingPro offers additional tips. There are currently 6 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/SGRY. These tips could offer valuable guidance in making informed investment decisions.
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