Corient Private Wealth LLC Acquires 38,956 Shares of PACS Group, Inc. $PACS

Corient Private Wealth LLC increased its holdings in shares of PACS Group, Inc. (NYSE:PACS) by 29.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 170,052 shares of the company’s stock after acquiring an additional 38,956 shares during the quarter. Corient Private Wealth LLC’s holdings in PACS Group were worth $6,528,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in PACS Group in the 4th quarter valued at approximately $89,000. Invesco Ltd. raised its stake in shares of PACS Group by 685.4% during the fourth quarter. Invesco Ltd. now owns 191,788 shares of the company’s stock valued at $7,363,000 after acquiring an additional 167,368 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of PACS Group during the fourth quarter worth $347,000. Janus Henderson Group PLC lifted its holdings in shares of PACS Group by 914.5% during the fourth quarter. Janus Henderson Group PLC now owns 214,070 shares of the company’s stock worth $8,219,000 after purchasing an additional 192,970 shares during the period. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of PACS Group in the fourth quarter worth $8,728,000.

Analyst Ratings Changes

A number of research firms recently weighed in on PACS. Wall Street Zen upgraded PACS Group from a “buy” rating to a “strong-buy” rating in a report on Monday, June 15th. Truist Financial lifted their target price on PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Royal Bank Of Canada upped their price target on PACS Group from $47.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Oppenheimer upped their price target on PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, Zacks Research cut PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, PACS Group presently has an average rating of “Moderate Buy” and a consensus price target of $48.00.

PACS Group Stock Up 4.2%

PACS Group stock opened at $40.49 on Friday. The firm has a market cap of $6.41 billion and a price-to-earnings ratio of 25.95. PACS Group, Inc. has a 52-week low of $7.50 and a 52-week high of $43.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a 50 day moving average price of $36.26 and a two-hundred day moving average price of $36.21.

PACS Group (NYSE:PACS) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. PACS Group had a net margin of 4.49% and a return on equity of 26.47%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.36 billion. Equities analysts predict that PACS Group, Inc. will post 2.23 EPS for the current year.

Insider Buying and Selling at PACS Group

In other PACS Group news, insider John Todd Mitchell sold 52,763 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the sale, the insider owned 830,955 shares of the company’s stock, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Hancock sold 153,254 shares of PACS Group stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the transaction, the insider directly owned 54,449,343 shares of the company’s stock, valued at approximately $1,978,689,124.62. This trade represents a 0.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 380,152 shares of company stock worth $13,823,685. 70.10% of the stock is owned by company insiders.

PACS Group 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.