Smith Group Asset Management LLC Makes New Investment in PACS Group, Inc. $PACS

Smith Group Asset Management LLC bought a new stake in PACS Group, Inc. (NYSE:PACS) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 23,997 shares of the company’s stock, valued at approximately $771,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Hollencrest Capital Management purchased a new position in shares of PACS Group during the 4th quarter worth $27,000. Quarry LP grew its holdings in shares of PACS Group by 79.5% in the third quarter. Quarry LP now owns 2,388 shares of the company’s stock valued at $33,000 after purchasing an additional 1,058 shares during the period. Larson Financial Group LLC grew its holdings in shares of PACS Group by 127.0% in the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after purchasing an additional 612 shares during the period. KBC Group NV acquired a new stake in PACS Group during the first quarter worth about $42,000. Finally, Jones Financial Companies Lllp acquired a new stake in PACS Group during the first quarter worth about $64,000.

PACS Group Stock Performance

NYSE PACS opened at $46.97 on Wednesday. The stock has a fifty day simple moving average of $40.40 and a 200-day simple moving average of $37.50. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27. The stock has a market cap of $7.43 billion, a PE ratio of 30.11, a P/E/G ratio of 1.41 and a beta of -0.08. PACS Group, Inc. has a twelve month low of $7.50 and a twelve month high of $48.00.

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

Insider Transactions at PACS Group

In other news, CAO Michelle Renee Lewis sold 4,137 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $45.04, for a total value of $186,330.48. Following the transaction, the chief accounting officer directly owned 355,338 shares in the company, valued at approximately $16,004,423.52. This represents a 1.15% decrease in their position. 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, Director Mark Hancock sold 4,966 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $45.06, for a total transaction of $223,767.96. Following the transaction, the director directly owned 53,920,512 shares of the company’s stock, valued at $2,429,658,270.72. The trade was a 0.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 796,524 shares of company stock valued at $31,611,396. Company insiders own 70.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PACS. Oppenheimer lifted their target price on shares of PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Wall Street Zen raised shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 15th. UBS Group raised their price target on shares of PACS Group from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Weiss Ratings raised shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Finally, Truist Financial lifted their price target on shares of PACS Group from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, PACS Group presently has an average rating of “Moderate Buy” and a consensus price target of $50.60.

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.