First Trust Advisors LP Sells 21,544 Shares of PACS Group, Inc. $PACS

First Trust Advisors LP decreased its stake in PACS Group, Inc. (NYSE:PACS) by 51.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,944 shares of the company’s stock after selling 21,544 shares during the quarter. First Trust Advisors LP’s holdings in PACS Group were worth $641,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hollencrest Capital Management acquired a new position in shares of PACS Group during the 4th quarter worth about $27,000. Quarry LP raised its position in shares of PACS Group by 79.5% in the 3rd quarter. Quarry LP now owns 2,388 shares of the company’s stock valued at $33,000 after acquiring an additional 1,058 shares during the period. Larson Financial Group LLC raised its position in shares of PACS Group by 127.0% in the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after acquiring an additional 612 shares during the period. KBC Group NV bought a new position in PACS Group during the 1st quarter worth approximately $42,000. Finally, Jones Financial Companies Lllp bought a new position in PACS Group during the 1st quarter worth approximately $64,000.

Insider Activity

In related news, 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 completion of the transaction, the director directly owned 53,920,512 shares of the company’s stock, valued at approximately $2,429,658,270.72. This represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 4,137 shares of the firm’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 completion of the transaction, the chief accounting officer owned 355,338 shares of the company’s stock, valued at approximately $16,004,423.52. This represents a 1.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 796,524 shares of company stock worth $31,611,396 in the last quarter. 70.10% of the stock is currently owned by corporate insiders.

PACS Group Stock Performance

Shares of PACS opened at $45.11 on Wednesday. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.45 and a beta of -0.08. PACS Group, Inc. has a 12 month low of $7.50 and a 12 month high of $49.49. The firm has a fifty day simple moving average of $42.16 and a 200 day simple moving average of $37.99. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21.

PACS Group (NYSE:PACS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.54 by $0.09. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Research analysts forecast that PACS Group, Inc. will post 2.23 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on PACS. Wall Street Zen downgraded shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings cut shares of PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, August 5th. UBS Group boosted their price target on shares of PACS Group from $57.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Finally, Oppenheimer boosted their target price on PACS Group from $48.00 to $57.00 and gave the company an “outperform” rating in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $56.00.

About PACS Group

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.