Smith Group Asset Management LLC Acquires New Stake in PACS Group, Inc. $PACS

Smith Group Asset Management LLC bought a new position in shares of PACS Group, Inc. (NYSE:PACS) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 23,997 shares of the company’s stock, valued at approximately $771,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Hollencrest Capital Management acquired a new position in PACS Group in the 4th quarter valued at about $27,000. Quarry LP increased its stake in PACS Group by 79.5% during the third quarter. Quarry LP now owns 2,388 shares of the company’s stock worth $33,000 after purchasing an additional 1,058 shares during the period. Larson Financial Group LLC increased its stake in PACS Group by 127.0% during the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock worth $42,000 after purchasing an additional 612 shares during the period. KBC Group NV acquired a new stake in shares of PACS Group during the first quarter worth about $42,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of PACS Group during the first quarter worth about $64,000.

Insider Buying and Selling

In related news, CAO Michelle Renee Lewis sold 4,137 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $45.04, for a total value of $186,330.48. Following the sale, the chief accounting officer owned 355,338 shares of the company’s stock, valued at $16,004,423.52. This trade represents a 1.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 transaction of $223,767.96. Following the completion of the sale, the director directly owned 53,920,512 shares in the company, valued at approximately $2,429,658,270.72. This trade represents a 0.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 796,524 shares of company stock worth $31,611,396 over the last 90 days. Insiders own 70.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PACS. Weiss Ratings raised shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Truist Financial upped their target price on shares of PACS Group from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Zacks Research lowered shares of PACS Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Wall Street Zen raised shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Finally, Oppenheimer boosted their price target on shares of PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $50.60.

PACS Group Price Performance

Shares of NYSE PACS opened at $46.97 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 30.11, a price-to-earnings-growth ratio of 1.41 and a beta of -0.08. The stock’s 50-day moving average is $40.40 and its two-hundred day moving average is $37.50. PACS Group, Inc. has a 1-year low of $7.50 and a 1-year high of $48.00.

PACS Group (NYSE:PACS) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.36 billion. PACS Group had a return on equity of 26.47% and a net margin of 4.49%. Analysts forecast that PACS Group, Inc. will post 2.23 EPS for the current fiscal year.

PACS Group Company 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.