PACS Group (NYSE:PACS) Hits New 1-Year High – Here’s What Happened

PACS Group, Inc. (NYSE:PACS) hit a new 52-week high during mid-day trading on Saturday . The company traded as high as $47.62 and last traded at $46.7320, with a volume of 856253 shares changing hands. The stock had previously closed at $44.82.

Analyst Upgrades and Downgrades

Several research firms have commented on PACS. Truist Financial lifted their price target on PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Zacks Research cut PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. Wall Street Zen raised PACS Group from a “buy” rating to a “strong-buy” rating in a report on Monday, June 15th. Weiss Ratings upgraded shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Finally, UBS Group lifted their target price on shares of PACS Group from $50.00 to $57.00 and gave the company a “buy” rating in a report on Wednesday, July 8th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, PACS Group currently has a consensus rating of “Moderate Buy” and an average price target of $50.60.

PACS Group Price Performance

The company has a market cap of $7.40 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 1.40 and a beta of -0.08. The company’s 50 day moving average price is $40.00 and its 200 day moving average price is $37.42. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27.

PACS Group (NYSE:PACS) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.50 earnings per share (EPS) for the quarter, topping 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 net margin of 4.49% and a return on equity of 26.47%. Equities research analysts forecast that PACS Group, Inc. will post 2.23 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Michelle Renee Lewis sold 4,137 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was 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 directly owned 355,338 shares of the company’s stock, valued at approximately $16,004,423.52. This represents a 1.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Hancock sold 4,966 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $45.06, for a total value of $223,767.96. Following the completion of the sale, the director directly owned 53,920,512 shares of the company’s stock, valued at $2,429,658,270.72. This represents a 0.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 796,524 shares of company stock worth $31,611,396 in the last ninety days. 70.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PACS. Handelsbanken Fonder AB purchased a new position in PACS Group in the second quarter worth $567,000. Financial Management Professionals Inc. boosted its position in shares of PACS Group by 54.9% during the 2nd quarter. Financial Management Professionals Inc. now owns 663 shares of the company’s stock worth $28,000 after purchasing an additional 235 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of PACS Group during the 1st quarter worth $278,000. Western Wealth Management LLC acquired a new position in shares of PACS Group during the 1st quarter worth $48,000. Finally, Smith Group Asset Management LLC acquired a new position in shares of PACS Group during the 1st quarter worth $771,000.

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.