PACS Group, Inc. (NYSE:PACS) Receives $56.00 Consensus Price Target from Brokerages

PACS Group, Inc. (NYSE:PACS) has earned a consensus rating of “Buy” from the seven analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $56.00.

PACS has been the topic of several analyst reports. Zacks Research raised PACS Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Oppenheimer lifted their price target on PACS Group from $48.00 to $57.00 and gave the stock an “outperform” rating in a report on Monday, August 10th. Weiss Ratings downgraded shares of PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Truist Financial upped their price objective on PACS Group from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, UBS Group increased their price objective on PACS Group from $57.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 6th.

Insiders Place Their Bets

In other news, insider Mark Hancock sold 153,254 shares of PACS Group stock in a transaction on Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the transaction, the insider directly owned 54,449,343 shares in the company, valued at approximately $1,978,689,124.62. The trade was a 0.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Hulse Murray sold 91,306 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $43.92, for a total transaction of $4,010,159.52. Following the transaction, the chief executive officer directly owned 54,754,110 shares of the company’s stock, valued at approximately $2,404,800,511.20. This represents a 0.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,143,038 shares of company stock valued at $47,458,833 over the last ninety days. Corporate insiders own 70.10% of the company’s stock.

Hedge Funds Weigh In On PACS Group

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in PACS Group by 14.4% in the 4th quarter. Vanguard Group Inc. now owns 4,506,227 shares of the company’s stock worth $172,994,000 after purchasing an additional 566,502 shares during the period. Alyeska Investment Group L.P. boosted its holdings in PACS Group by 159.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company’s stock valued at $86,378,000 after acquiring an additional 1,382,984 shares in the last quarter. California State Teachers Retirement System increased its position in shares of PACS Group by 3,298.3% during the second quarter. California State Teachers Retirement System now owns 1,917,094 shares of the company’s stock valued at $81,745,000 after buying an additional 1,860,680 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of PACS Group by 67.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,356,240 shares of the company’s stock worth $18,621,000 after acquiring an additional 545,348 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in PACS Group by 19.6% in the third quarter. Ameriprise Financial Inc. now owns 1,350,551 shares of the company’s stock worth $18,543,000 after purchasing an additional 220,939 shares in the last quarter.

PACS Group Stock Up 1.2%

Shares of PACS Group stock opened at $44.47 on Monday. The stock’s 50-day moving average is $44.04 and its 200 day moving average is $38.71. PACS Group has a one year low of $7.50 and a one year high of $49.49. The firm has a market cap of $7.04 billion, a price-to-earnings ratio of 25.85, a PEG ratio of 1.24 and a beta of -0.08. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91.

PACS Group (NYSE:PACS) last issued its earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.09. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. PACS Group had a return on equity of 29.55% and a net margin of 4.85%. Equities research analysts anticipate that PACS Group will post 2.36 EPS for the current 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.