PACS Group (NYSE:PACS) Releases Earnings Results, Beats Estimates By $0.08 EPS

PACS Group (NYSE:PACS) posted its quarterly earnings data on Monday. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08, FiscalAI reports. PACS Group had a net margin of 3.62% and a return on equity of 22.55%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.36 billion.

PACS Group Trading Down 4.6%

PACS stock traded down $1.53 during midday trading on Monday, reaching $32.06. 1,005,938 shares of the company’s stock traded hands, compared to its average volume of 910,436. The company has a market capitalization of $5.04 billion, a P/E ratio of 26.06, a PEG ratio of 1.02 and a beta of -0.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.07 and a quick ratio of 1.07. PACS Group has a fifty-two week low of $7.50 and a fifty-two week high of $43.08. The business has a 50-day moving average price of $34.37 and a two-hundred day moving average price of $31.74.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Oppenheimer boosted their target price on shares of PACS Group from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Wednesday, March 4th. UBS Group boosted their target price on shares of PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Royal Bank Of Canada boosted their target price on shares of PACS Group from $47.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Zacks Research upgraded PACS Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of PACS Group in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $44.40.

Insiders Place Their Bets

In other news, COO Joshua Jergensen sold 36,335 shares of PACS Group stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $34.28, for a total transaction of $1,245,563.80. Following the sale, the chief operating officer owned 2,667,347 shares in the company, valued at $91,436,655.16. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 70.40% of the stock is currently owned by company insiders.

Institutional Trading of PACS Group

A number of hedge funds have recently made changes to their positions in PACS. Vanguard Group Inc. boosted its holdings in PACS Group by 2.2% in the third quarter. Vanguard Group Inc. now owns 3,939,725 shares of the company’s stock worth $54,092,000 after purchasing an additional 85,183 shares during the period. Alyeska Investment Group L.P. lifted its holdings in shares of PACS Group by 159.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company’s stock valued at $86,378,000 after purchasing an additional 1,382,984 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in PACS Group by 67.3% in the third quarter. Balyasny Asset Management L.P. now owns 1,356,240 shares of the company’s stock valued at $18,621,000 after purchasing an additional 545,348 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of PACS Group by 19.6% in the third quarter. Ameriprise Financial Inc. now owns 1,350,551 shares of the company’s stock worth $18,543,000 after buying an additional 220,939 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of PACS Group by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,020,636 shares of the company’s stock worth $39,189,000 after buying an additional 24,081 shares during the last quarter.

PACS Group Company Profile

PACS Group, Inc, through its subsidiaries, operates skilled nursing facilities and assisted living facilities in the United States. The company also provides senior care and independent facilities. It engages in the acquisition, ownership, and leasing of health care-related properties. The company was founded in 2013 and is based in Farmington, Utah.