Geode Capital Management LLC Boosts Stock Holdings in PACS Group, Inc. $PACS

Geode Capital Management LLC raised its holdings in PACS Group, Inc. (NYSE:PACS) by 11.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 952,358 shares of the company’s stock after purchasing an additional 98,277 shares during the quarter. Geode Capital Management LLC owned 0.62% of PACS Group worth $12,306,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of PACS Group by 68.3% in the 1st quarter. Millennium Management LLC now owns 859,295 shares of the company’s stock valued at $9,658,000 after buying an additional 348,743 shares during the period. Russell Investments Group Ltd. raised its position in PACS Group by 17.4% in the first quarter. Russell Investments Group Ltd. now owns 365,985 shares of the company’s stock worth $4,114,000 after acquiring an additional 54,114 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in PACS Group by 27.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 205,948 shares of the company’s stock worth $2,315,000 after acquiring an additional 44,047 shares in the last quarter. Nuveen LLC acquired a new stake in PACS Group in the first quarter valued at $1,918,000. Finally, PDT Partners LLC boosted its position in shares of PACS Group by 25.4% during the 1st quarter. PDT Partners LLC now owns 157,711 shares of the company’s stock worth $1,773,000 after purchasing an additional 31,982 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PACS shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of PACS Group in a report on Wednesday, November 26th. Royal Bank Of Canada upped their target price on shares of PACS Group from $32.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Finally, Wall Street Zen cut shares of PACS Group from a “buy” rating to a “hold” rating in a report on Sunday. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $26.75.

Insider Activity at PACS Group

In other PACS Group news, insider John Todd Mitchell sold 159,556 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $29.89, for a total transaction of $4,769,128.84. Following the completion of the transaction, the insider owned 755,836 shares of the company’s stock, valued at approximately $22,591,938.04. This trade represents a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Evelyn S. Dilsaver acquired 16,724 shares of PACS Group stock in a transaction dated Monday, November 24th. The stock was bought at an average price of $29.90 per share, for a total transaction of $500,047.60. Following the completion of the transaction, the director directly owned 22,739 shares of the company’s stock, valued at approximately $679,896.10. This represents a 278.04% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

PACS Group Price Performance

PACS Group stock opened at $31.52 on Wednesday. The firm has a market capitalization of $4.94 billion, a PE ratio of 30.02 and a beta of -0.63. PACS Group, Inc. has a 52 week low of $7.50 and a 52 week high of $35.10. The firm’s 50-day simple moving average is $16.13 and its 200 day simple moving average is $13.09. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.28.

PACS Group (NYSE:PACS) last announced its earnings results on Wednesday, November 19th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.14). PACS Group had a return on equity of 21.39% and a net margin of 3.29%.The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.11 billion. On average, equities research analysts predict that PACS Group, Inc. will post 1.01 EPS for the current fiscal year.

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.