PACS Group (NYSE:PACS) Price Target Raised to $62.00

PACS Group (NYSE:PACS) had its price objective upped by Truist Financial from $52.00 to $62.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently commented on PACS. UBS Group upped their target price on shares of PACS Group from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday. Wall Street Zen upgraded shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Zacks Research lowered PACS Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Weiss Ratings raised PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Finally, Oppenheimer raised their price target on PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $54.20.

PACS Group Stock Performance

Shares of NYSE:PACS opened at $48.38 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.99 and a debt-to-equity ratio of 0.21. PACS Group has a 1-year low of $7.50 and a 1-year high of $49.49. The stock has a market capitalization of $7.66 billion, a P/E ratio of 28.13, a P/E/G ratio of 1.45 and a beta of -0.08. The business has a 50-day moving average price of $41.73 and a two-hundred day moving average price of $37.84.

PACS Group (NYSE:PACS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.54 by $0.09. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.41 billion. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. Equities analysts predict that PACS Group will post 2.23 earnings per share for the current year.

Insider Buying and Selling

In other PACS Group news, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the completion of the transaction, the insider owned 830,955 shares in the company, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their position. 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 PACS Group stock in a transaction dated 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 completion of the sale, the insider directly owned 54,449,343 shares in the company, valued at $1,978,689,124.62. This represents a 0.28% 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. In the last ninety days, insiders sold 796,524 shares of company stock valued at $31,611,396. Company insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On PACS Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of PACS Group during the 2nd quarter worth approximately $8,196,000. Handelsbanken Fonder AB bought a new stake in shares of PACS Group in the second quarter worth $567,000. Financial Management Professionals Inc. lifted its position in shares of PACS Group by 54.9% in the second 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 acquired a new position in PACS Group during the first quarter worth $278,000. Finally, Western Wealth Management LLC acquired a new position in PACS Group during the first quarter worth $48,000.

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.