PACS Group (NYSE:PACS) Sets New 52-Week High – Here’s What Happened

PACS Group, Inc. (NYSE:PACS)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $46.20 and last traded at $45.7110, with a volume of 135647 shares trading hands. The stock had previously closed at $45.00.

Analyst Ratings Changes

PACS has been the topic of a number of recent research reports. UBS Group upped their target price on shares of PACS Group from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Oppenheimer boosted their price target on shares of PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. 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. Truist Financial raised their price objective on shares of PACS Group from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, May 18th. Finally, Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.60.

PACS Group Stock Up 1.6%

The business’s fifty day moving average price is $38.79 and its 200 day moving average price is $37.09. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $7.23 billion, a PE ratio of 29.29, a PEG ratio of 1.34 and a beta of -0.08.

PACS Group (NYSE:PACS) last released its earnings results on Monday, May 11th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.36 billion. PACS Group had a return on equity of 26.47% and a net margin of 4.49%. On average, equities research analysts forecast that PACS Group, Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Buying and Selling at PACS Group

In related news, Director Mark Hancock sold 4,966 shares of PACS Group stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $45.06, for a total transaction of $223,767.96. Following the completion of the transaction, the director directly owned 53,920,512 shares in the company, valued at $2,429,658,270.72. The trade was a 0.01% decrease in their position. 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, CAO Michelle Renee Lewis sold 4,137 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $45.04, for a total transaction of $186,330.48. Following the completion of the transaction, the chief accounting officer owned 355,338 shares in the company, valued at approximately $16,004,423.52. This trade represents a 1.15% 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. Insiders sold 796,524 shares of company stock worth $31,611,396 in the last three months. 70.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PACS Group

A number of institutional investors have recently added to or reduced their stakes in PACS. Financial Management Professionals Inc. increased its holdings in PACS Group by 54.9% in the 2nd quarter. Financial Management Professionals Inc. now owns 663 shares of the company’s stock valued at $28,000 after purchasing an additional 235 shares in the last quarter. Jacobsen Capital Management boosted its position in shares of PACS Group by 1.6% in the first quarter. Jacobsen Capital Management now owns 18,128 shares of the company’s stock worth $582,000 after buying an additional 294 shares during the period. Larson Financial Group LLC boosted its position in shares of PACS Group by 127.0% in the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $42,000 after buying an additional 612 shares during the period. Hollencrest Capital Management acquired a new stake in shares of PACS Group in the fourth quarter valued at about $27,000. Finally, Strategic Advocates LLC grew its stake in shares of PACS Group by 18.5% in the fourth quarter. Strategic Advocates LLC now owns 5,182 shares of the company’s stock valued at $203,000 after buying an additional 808 shares in the last quarter.

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.