Wellington Management Group LLP Reduces Stock Holdings in PACS Group, Inc. $PACS

Wellington Management Group LLP reduced its position in shares of PACS Group, Inc. (NYSE:PACS) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 664,861 shares of the company’s stock after selling 19,168 shares during the quarter. Wellington Management Group LLP owned 0.42% of PACS Group worth $28,350,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new position in shares of PACS Group in the second quarter worth approximately $8,196,000. Handelsbanken Fonder AB purchased a new stake in PACS Group during the second quarter valued at approximately $567,000. Financial Management Professionals Inc. raised its position in PACS Group by 54.9% in the second quarter. Financial Management Professionals Inc. now owns 663 shares of the company’s stock worth $28,000 after acquiring an additional 235 shares during the period. Empowered Funds LLC bought a new position in PACS Group in the first quarter worth approximately $278,000. Finally, Western Wealth Management LLC purchased a new position in shares of PACS Group during the 1st quarter worth $48,000.

PACS Group Trading Down 1.2%

Shares of PACS Group stock opened at $42.54 on Friday. PACS Group, Inc. has a fifty-two week low of $7.50 and a fifty-two week high of $49.49. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $6.73 billion, a P/E ratio of 24.73, a P/E/G ratio of 1.22 and a beta of -0.13. The company has a fifty day moving average of $44.66 and a 200 day moving average of $38.92.

PACS Group (NYSE:PACS) last posted its quarterly 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.41 billion. On average, sell-side analysts anticipate that PACS Group, Inc. will post 2.36 earnings per share for the current fiscal year.

More PACS Group News

Here are the key news stories impacting PACS Group this week:

• Positive Sentiment: JPMorgan raised its price target to $58. JPMorgan Chase upgraded PACS to “overweight” from its prior stance and increased its target from $47, implying substantial upside from recent trading levels. The revision adds to a generally favorable analyst outlook for the skilled-nursing operator.
• Positive Sentiment: Florida expansion broadens PACS’s operating footprint. The company plans to enter Florida through the acquisition of 32 nursing facilities, giving it a presence in a new state and potentially creating additional revenue and operating-scale opportunities. PACS Group Florida expansion and Eduro closings
• Positive Sentiment: Eduro acquisition progress supports growth. PACS has closed on 31 of 34 Eduro buildings, advancing its acquisition-led expansion strategy. UBS characterized the Florida transaction as supportive of the company’s broader market expansion plans. PACS Group Eduro acquisition update
• Neutral Sentiment: CEO selling appears planned rather than discretionary. CEO Jason Murray sold a combined 68,113 shares for approximately $2.9 million from September 1–3. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only about 0.12%, limiting their significance as a bearish signal. He still owns roughly 54.6 million shares. PACS Group CEO SEC Form 4 filing

Insider Buying and Selling

In related news, COO Joshua Jergensen sold 40,000 shares of PACS Group stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $45.59, for a total transaction of $1,823,600.00. Following the sale, the chief operating officer owned 2,536,320 shares of the company’s stock, valued at approximately $115,630,828.80. This trade represents a 1.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Murray sold 20,173 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $42.56, for a total value of $858,562.88. Following the completion of the transaction, the chief executive officer directly owned 54,626,753 shares in the company, valued at approximately $2,324,914,607.68. This represents a 0.04% 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. Over the last 90 days, insiders sold 1,211,151 shares of company stock worth $50,362,653. 70.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Oppenheimer boosted their price objective on shares of PACS Group from $48.00 to $57.00 and gave the company an “outperform” rating in a research report on Monday, August 10th. Zacks Research raised PACS Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Royal Bank Of Canada upped their price target on PACS Group from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Truist Financial set a $62.00 price objective on PACS Group in a research note on Wednesday. Finally, UBS Group lifted their price objective on PACS Group from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, PACS Group presently has an average rating of “Buy” and an average target price of $58.80.

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.