Assenagon Asset Management S.A. Sells 101,235 Shares of PACS Group, Inc. $PACS

Assenagon Asset Management S.A. decreased its position in PACS Group, Inc. (NYSE:PACS) by 71.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,166 shares of the company’s stock after selling 101,235 shares during the period. Assenagon Asset Management S.A.’s holdings in PACS Group were worth $551,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PACS. Nuveen LLC bought a new stake in shares of PACS Group during the 1st quarter valued at about $1,918,000. State of Wyoming raised its holdings in shares of PACS Group by 245.8% during the first quarter. State of Wyoming now owns 12,445 shares of the company’s stock valued at $140,000 after purchasing an additional 8,846 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of PACS Group during the first quarter valued at about $198,000. 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. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of PACS Group by 27.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 205,948 shares of the company’s stock valued at $2,315,000 after buying an additional 44,047 shares during the period.

Insider Activity

In other PACS Group news, insider John Todd Mitchell sold 159,556 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $29.89, for a total value of $4,769,128.84. Following the transaction, the insider directly owned 755,836 shares in the company, valued at $22,591,938.04. The trade was a 17.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Evelyn S. Dilsaver bought 16,724 shares of PACS Group stock in a transaction dated Monday, November 24th. The shares were bought at an average cost of $29.90 per share, with a total value of $500,047.60. Following the completion of the transaction, the director directly owned 22,739 shares in the company, valued at approximately $679,896.10. This trade represents a 278.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 70.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PACS. Zacks Research downgraded PACS Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PACS Group in a research report on Monday. Wall Street Zen cut PACS Group from a “buy” rating to a “hold” rating in a report on Sunday, November 30th. Royal Bank Of Canada reissued an “outperform” rating and issued a $47.00 price target on shares of PACS Group in a research report on Friday, December 19th. Finally, UBS Group restated a “buy” rating and set a $42.00 price objective (down previously from $50.00) on shares of PACS Group in a report on Thursday, December 18th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.40.

PACS Group Stock Performance

Shares of PACS opened at $37.04 on Friday. The stock has a 50 day moving average of $23.18 and a 200 day moving average of $15.87. The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of 35.28, a PEG ratio of 1.71 and a beta of -0.63. PACS Group, Inc. has a 12 month low of $7.50 and a 12 month high of $37.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.28.

PACS Group (NYSE:PACS) last announced its quarterly earnings data on Wednesday, November 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.36). PACS Group had a net margin of 3.29% and a return on equity of 21.39%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.11 billion. As a group, sell-side analysts forecast that PACS Group, Inc. will post 1.01 earnings per share for the current year.

PACS Group 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.