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Is Surgery Partners Inc (NASDAQ:SGRY) a worthy investment right now? Money managers are surely selling. The number of bullish hedge fund bets suffered a reduction of 2 in recent months. There were 9 hedge funds in our database with SGRY positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Lannett Company, Inc. (NYSEAMEX:LCI), Array Biopharma Inc (NASDAQ:ARRY), and Red Rock Resorts Inc (NASDAQ:RRR) to gather more data points.
Follow Surgery Partners Inc. (NASDAQ:SGRY)
Follow Surgery Partners Inc. (NASDAQ:SGRY)
At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.
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With all of this in mind, let’s go over the new action encompassing Surgery Partners Inc (NASDAQ:SGRY).
How are hedge funds trading Surgery Partners Inc (NASDAQ:SGRY)?
At the end of the third quarter, a total of 7 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -22% from the previous quarter. By comparison, 5 hedge funds held shares or bullish call options in SGRY heading into this year. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey’s hedge fund database, Adage Capital Management, led by Phill Gross and Robert Atchinson, holds the number one position in Surgery Partners Inc (NASDAQ:SGRY). Adage Capital Management has a $15.2 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Coming in second is John C. Walker of Stonerise Capital Management, with a $12.4 million position; 9.1% of its 13F portfolio is allocated to the company. Other members of the smart money with similar optimism comprise Israel Englander’s Millennium Management, one of the largest hedge funds in the world, James Dondero’s Highland Capital Management and Paul Marshall and Ian Wace’s Marshall Wace LLP. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.