Investing.com -- Healthcare services stocks rose an average of 0.5% last week while the S&P 500 fell 2.6%, according to a report from Jefferies.

The biggest gains came from LeMaitre Vascular Inc, AMN Healthcare Services Inc, CVS Health Corp's Aetna unit, and Acadia Healthcare Company Inc. The largest declines were seen in Aveanna Healthcare Holdings Inc, National Vision Holdings Inc, Tenet Healthcare Corp, and The Pennant Group Inc.

Jefferies upgraded Acadia Healthcare following a management tour. The firm said it gained more confidence in management's ability to bring new beds from the 2024-2026 period fully online and convert that capacity into earnings. The analysts cited potential gains in the second quarter from Florida Developmental Disability Program funding and a bed occupancy increase in the second half of the year.

Regarding hospitals and surgery centers, investor sentiment remains negative after a public company reported high single-digit percentage surgical volume declines in the second quarter. Jefferies met with HCA Healthcare Inc's chief financial officer, who said demand remains intact and pressure comes mainly from payer mix issues related to health insurance exchange subsidy expirations. The company reiterated a $600 million to $900 million headwind.

Jefferies met with Surgery Partners Inc's chief executive officer and chief financial officer at company headquarters. Management pointed to steady, higher-acuity growth and improved execution, reiterating full-year volume guidance. The company said mergers and acquisitions and new locations will drive long-term growth, with three previously troubled markets and costs showing improvement.

BrightSpring Health Services Inc priced a secondary offering this week of 15 million shares at $58.75, with the stock trading modestly lower afterward. KKR & Co Inc ownership now sits below 15%, which Jefferies believes removes a significant overhang. The firm continues to view BrightSpring as a top pick based on its 15% to 20% EBITDA growth trajectory.

Bloomberg reported this week that Barrington proposed a new board director for Chemed Corp. The suggested appointee has an industrial background, which Jefferies said could open strategic options for the plumbing segment, including a spin-off or sale. The company has not commented.