Royce & Associates LP Sells 1,112,836 Shares of PACS Group, Inc. $PACS

Royce & Associates LP cut its stake in PACS Group, Inc. (NYSE:PACS) by 59.9% during the fourth quarter, HoldingsChannel reports. The firm owned 746,234 shares of the company’s stock after selling 1,112,836 shares during the period. Royce & Associates LP’s holdings in PACS Group were worth $28,648,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PACS. Cubist Systematic Strategies LLC bought a new position in PACS Group during the 1st quarter worth about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in PACS Group by 6.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the company’s stock worth $262,000 after acquiring an additional 1,443 shares in the last quarter. Millennium Management LLC grew its holdings in PACS Group by 68.3% during the 1st quarter. Millennium Management LLC now owns 859,295 shares of the company’s stock worth $9,658,000 after acquiring an additional 348,743 shares in the last quarter. Jones Financial Companies Lllp bought a new position in PACS Group during the 1st quarter worth about $64,000. Finally, Caxton Associates LLP bought a new position in PACS Group during the 1st quarter worth about $163,000.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PACS. UBS Group increased their target price on shares of PACS Group from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of PACS Group in a report on Friday, March 27th. Royal Bank Of Canada increased their target price on shares of PACS Group from $47.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Wall Street Zen upgraded shares of PACS Group from a “hold” rating to a “buy” rating in a report on Sunday, May 10th. Finally, Truist Financial increased their target price on shares of PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

PACS Group Stock Up 0.1%

NYSE:PACS opened at $37.78 on Tuesday. PACS Group, Inc. has a fifty-two week low of $7.50 and a fifty-two week high of $43.08. The stock has a market capitalization of $5.98 billion, a P/E ratio of 24.22, a P/E/G ratio of 1.15 and a beta of -0.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99. The company’s 50-day simple moving average is $34.66 and its 200-day simple moving average is $33.86.

PACS Group (NYSE:PACS) last released its quarterly earnings results on Monday, May 11th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. PACS Group had a net margin of 4.49% and a return on equity of 26.47%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.36 billion. On average, equities analysts anticipate that PACS Group, Inc. will post 2.19 earnings per share for the current fiscal year.

Insider Activity at PACS Group

In related news, COO Joshua Jergensen sold 36,335 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $34.28, for a total value of $1,245,563.80. Following the completion of the transaction, the chief operating officer directly owned 2,667,347 shares of the company’s stock, valued at $91,436,655.16. This trade represents a 1.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 830,955 shares of the company’s stock, valued at $31,592,909.10. The trade was a 5.97% 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. Insiders sold a total of 116,487 shares of company stock valued at $4,269,388 over the last ninety days. 70.10% of the stock is currently owned by insiders.

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.