Truist Financial Increases PACS Group (NYSE:PACS) Price Target to $62.00

PACS Group (NYSE:PACS) had its price objective boosted by analysts at Truist Financial from $52.00 to $62.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 32.20% from the company’s current price.

PACS has been the topic of several other research reports. Zacks Research lowered PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. Wall Street Zen raised PACS Group from a “buy” rating to a “strong-buy” rating in a report on Monday, June 15th. UBS Group reaffirmed a “buy” rating and set a $60.00 price target on shares of PACS Group in a report on Thursday. Oppenheimer increased their price objective on shares of PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.20.

PACS Group Stock Up 2.8%

NYSE PACS traded up $1.26 during trading hours on Thursday, reaching $46.90. 395,237 shares of the company’s stock were exchanged, compared to its average volume of 943,645. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 27.58, a price-to-earnings-growth ratio of 1.34 and a beta of -0.08. PACS Group has a one year low of $7.50 and a one year high of $49.49. The company’s 50-day moving average is $41.32 and its two-hundred day moving average is $37.71. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99.

PACS Group (NYSE:PACS) last announced its 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 30.77%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. On average, analysts forecast that PACS Group will post 2.23 EPS for the current fiscal year.

Insider Buying and Selling at PACS Group

In other PACS Group news, insider John Todd Mitchell sold 52,763 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $38.02, for a total value of $2,006,049.26. Following the completion of the sale, the insider owned 830,955 shares of the company’s stock, valued at approximately $31,592,909.10. This trade represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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 the company’s stock in a transaction that occurred on 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 transaction, the insider directly owned 54,449,343 shares in the company, valued at $1,978,689,124.62. The trade was a 0.28% decrease in their ownership of the stock. 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 three months, insiders have sold 796,524 shares of company stock valued at $31,611,396. 70.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PACS Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Alyeska Investment Group L.P. increased its holdings in PACS Group by 159.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company’s stock worth $86,378,000 after purchasing an additional 1,382,984 shares in the last quarter. Marshall Wace LLP boosted its position in shares of PACS Group by 348.6% during the third quarter. Marshall Wace LLP now owns 1,010,906 shares of the company’s stock valued at $13,880,000 after buying an additional 785,537 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in PACS Group by 120.4% during the second quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company’s stock worth $14,595,000 after buying an additional 617,124 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in PACS Group by 370.2% during the first quarter. Dimensional Fund Advisors LP now owns 780,159 shares of the company’s stock worth $25,051,000 after buying an additional 614,250 shares in the last quarter. Finally, 8 Knots Management LLC bought a new position in PACS Group during the 4th quarter valued at $23,421,000.

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.