Nashville-based surgery center executive Chris Bishop has been hired as president of Regent Surgical Health, which is based in the Chicago area and helps run 21 facilities in the United States, Ireland and Honduras and specializes in turnaround situations. Bishop had since early 2010 been senior vice president of acquisitions and development at Blue Chip Surgical Partners, which is headquartered in Cincinnati and the owner of 17 centers across the country. Before that, he worked at Ambulatory Surgery Centers of America for four and a half years.
Just about a month has passed since Green Hills-based Surgery Partners went public on the Nasdaq, which means it's time for members of the equity research community to go public with their recommendations. Not surprisingly, a majority of the nine banks that helped bring Surgery Partners to market are upbeat about the company's shares — even though they've gone next to nowhere (Ticker: SGRY) since the company's IPO. Seven firms launched coverage of the company Monday, and only Goldman Sachs analysts didn't put a 'buy' or 'strong buy' rating on the stock. Goldman's 'neutral' opinion comes with a $17.83 price target, which is well below the $25 Citi researchers expect the stock to reach in the coming year.
AmSurg's headline-grabbing proposal to acquire Knoxville-based TeamHealth overshadowed its strong third-quarter earnings preview, said Avondale Partners analyst Paula Torch in a report late Tuesday.
The company beat analysts' expectations by a wide margin, posting estimated revenues for the third quarter of $650 million compared to $502 million the year prior. Adjusted net earnings were estimated to be $53.0 million compared to $34.6 million in the third quarter of last year. Adjusted earnings per diluted share are expected to be $1.03, compared to 69 cents.
"Given AMSG's stock is currently trading down 5 percent, we believe the merger proposal is overshadowing a strong earnings beat in 3Q," Torch wrote in her report.
AmSurg took its proposal to buy TeamHealth for $7.8 billion public Tuesday. TeamHealth rejected the plan, saying it undervalues the company. AmSurg shares (Ticker: AMSG) closed Tuesday trading down 4 percent at $74.88.
Surgery and physician services company AmSurg is moving up the ranks of Standard & Poor's. The stock index compilers on Wednesday said the Burton Hills-based company will jump from the SmallCap 600 to the MidCap 400 on the afternoon of Oct. 14. Shares of AmSurg (Ticker: AMSG) rose more than 1 percent after hours Wednesday, adding to the nearly 3 percent gain from the regular session. Year to date, they're up almost 50 percent.
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