PACS Group (NYSE:PACS) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of PACS Group (NYSE:PACS) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

A number of other research firms also recently issued reports on PACS. Truist Financial increased their price objective on PACS Group from $52.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. UBS Group upped their target price on shares of PACS Group from $57.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Oppenheimer increased their price target on shares of PACS Group from $48.00 to $57.00 and gave the stock an “outperform” rating in a research note on Monday. Wall Street Zen cut shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Royal Bank Of Canada lifted their price target on shares of PACS Group from $52.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, PACS Group has an average rating of “Buy” and an average price target of $56.00.

PACS Group Stock Down 6.9%

PACS stock opened at $45.11 on Monday. PACS Group has a fifty-two week low of $7.50 and a fifty-two week high of $49.49. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 26.23, a price-to-earnings-growth ratio of 1.45 and a beta of -0.08. The business’s 50 day moving average price is $42.16 and its two-hundred day moving average price is $37.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91.

PACS Group (NYSE:PACS) last released its earnings results on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.09. PACS Group had a return on equity of 29.55% and a net margin of 4.85%.The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. As a group, analysts forecast that PACS Group will post 2.23 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction dated 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 directly owned 830,955 shares of the company’s stock, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their position. The sale was disclosed in a document filed 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 the firm’s stock in a transaction dated 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 sale, the insider owned 54,449,343 shares of the company’s stock, valued at approximately $1,978,689,124.62. This represents a 0.28% 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 sold 796,524 shares of company stock worth $31,611,396 over the last three months. 70.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PACS Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alyeska Investment Group L.P. lifted its position in PACS Group by 159.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company’s stock valued at $86,378,000 after acquiring an additional 1,382,984 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of PACS Group by 348.6% in the 3rd quarter. Marshall Wace LLP now owns 1,010,906 shares of the company’s stock worth $13,880,000 after purchasing an additional 785,537 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of PACS Group by 120.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company’s stock worth $14,595,000 after purchasing an additional 617,124 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of PACS Group by 370.2% in the first quarter. Dimensional Fund Advisors LP now owns 780,159 shares of the company’s stock worth $25,051,000 after purchasing an additional 614,250 shares during the last quarter. Finally, 8 Knots Management LLC purchased a new position in shares of PACS Group in the fourth quarter worth $23,421,000.

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.