JPMorgan Chase & Co. Forecasts Strong Price Appreciation for PACS Group (NYSE:PACS) Stock

PACS Group (NYSE:PACS) had its price objective increased by JPMorgan Chase & Co. from $47.00 to $58.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 35.62% from the stock’s previous close.

A number of other research firms also recently issued reports on PACS. Weiss Ratings downgraded shares of PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Oppenheimer increased their target price on shares of PACS Group from $48.00 to $57.00 and gave the company an “outperform” rating in a report on Monday, August 10th. UBS Group boosted their price target on shares of PACS Group from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Royal Bank Of Canada upped their price objective on shares of PACS Group from $52.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, PACS Group has an average rating of “Buy” and a consensus price target of $58.80.

PACS Group Stock Down 0.7%

PACS stock traded down $0.30 during mid-day trading on Friday, reaching $42.77. 106,635 shares of the company traded hands, compared to its average volume of 907,067. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average price is $44.65 and its 200 day moving average price is $38.89. The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 24.89, a P/E/G ratio of 1.22 and a beta of -0.13. PACS Group has a fifty-two week low of $7.50 and a fifty-two week high of $49.49.

PACS Group (NYSE:PACS) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.54 by $0.09. The firm 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%. As a group, equities research analysts predict that PACS Group will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jason Murray sold 91,306 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $43.92, for a total value of $4,010,159.52. Following the transaction, the chief executive officer owned 54,754,110 shares in the company, valued at approximately $2,404,800,511.20. This represents a 0.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Mark Hancock sold 153,254 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $36.34, for a total value of $5,569,250.36. Following the transaction, the insider directly owned 54,449,343 shares of the company’s stock, valued at approximately $1,978,689,124.62. This trade represents a 0.28% 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 have sold a total of 1,211,151 shares of company stock valued at $50,362,653 over the last three months. Insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On PACS Group

Institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its stake in shares of PACS Group by 3,298.3% during the 2nd 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 in the last quarter. Alyeska Investment Group L.P. raised its holdings in PACS Group by 159.5% during the 4th 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 during the period. Marshall Wace LLP lifted its position in shares of PACS Group by 348.6% during the third quarter. Marshall Wace LLP now owns 1,010,906 shares of the company’s stock worth $13,880,000 after acquiring an additional 785,537 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of PACS Group by 120.4% during the second quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company’s stock worth $14,595,000 after acquiring an additional 617,124 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of PACS Group by 370.2% in the first quarter. Dimensional Fund Advisors LP now owns 780,159 shares of the company’s stock worth $25,051,000 after acquiring an additional 614,250 shares during the period.

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.