PACS Group (NYSE:PACS) Posts Earnings Results, Beats Expectations By $0.09 EPS

PACS Group (NYSE:PACS) announced its earnings results on Tuesday. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.09, FiscalAI reports. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. PACS Group had a net margin of 4.49% and a return on equity of 26.47%.

PACS Group Stock Performance

Shares of PACS Group stock traded down $1.92 on Wednesday, reaching $42.89. 529,959 shares of the stock were exchanged, compared to its average volume of 934,109. The business has a 50 day moving average price of $41.20 and a two-hundred day moving average price of $37.66. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of 27.49, a PEG ratio of 1.33 and a beta of -0.08. PACS Group has a twelve month low of $7.50 and a twelve month high of $48.00. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27.

Insider Buying and Selling

In related news, CAO Michelle Renee Lewis sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $40.01, for a total transaction of $600,150.00. Following the completion of the transaction, the chief accounting officer owned 370,338 shares of the company’s stock, valued at $14,817,223.38. This trade represents a 3.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Hancock sold 153,254 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $36.34, for a total transaction of $5,569,250.36. Following the transaction, the insider owned 54,449,343 shares of the company’s stock, valued at $1,978,689,124.62. This 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 quarter, insiders have sold 796,524 shares of company stock worth $31,611,396. 70.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PACS. Hollencrest Capital Management purchased a new stake in PACS Group during the fourth quarter worth $27,000. Quarry LP lifted its position 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 acquiring an additional 1,058 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in PACS Group during the 1st quarter worth $64,000. Tower Research Capital LLC TRC boosted its position in PACS Group by 289.0% during the second quarter. Tower Research Capital LLC TRC now owns 6,166 shares of the company’s stock worth $80,000 after acquiring an additional 4,581 shares during the last quarter. Finally, Caxton Associates LLP purchased a new stake in shares of PACS Group in the first quarter valued at approximately $163,000.

Wall Street Analysts Forecast Growth

PACS has been the topic of several analyst reports. UBS Group lifted 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. Zacks Research lowered shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Wall Street Zen upgraded shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 15th. 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, Oppenheimer upped their price target on shares of PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.60.

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.