Principal Financial Group Inc. Invests $3.17 Million in PACS Group, Inc. $PACS

Principal Financial Group Inc. purchased a new stake in shares of PACS Group, Inc. (NYSE:PACS) in the 1st quarter, Holdings Channel reports. The fund purchased 98,719 shares of the company’s stock, valued at approximately $3,171,000.

A number of other large investors have also recently modified their holdings of PACS. Jacobsen Capital Management increased its holdings in PACS Group by 1.6% during the 1st quarter. Jacobsen Capital Management now owns 18,128 shares of the company’s stock worth $582,000 after purchasing an additional 294 shares during the period. Larson Financial Group LLC raised its position in PACS Group by 127.0% during the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after purchasing an additional 612 shares in the last quarter. Hollencrest Capital Management purchased a new stake in shares of PACS Group in the 4th quarter worth $27,000. Strategic Advocates LLC lifted its holdings in shares of PACS Group by 18.5% in the 4th quarter. Strategic Advocates LLC now owns 5,182 shares of the company’s stock worth $203,000 after buying an additional 808 shares during the period. Finally, Peterson Wealth Services grew its position in shares of PACS Group by 1.6% during the 1st quarter. Peterson Wealth Services now owns 53,672 shares of the company’s stock worth $1,724,000 after buying an additional 854 shares in the last quarter.

PACS Group Trading Down 1.0%

Shares of NYSE:PACS opened at $46.48 on Thursday. The company has a market capitalization of $7.36 billion, a PE ratio of 29.80, a P/E/G ratio of 1.40 and a beta of -0.08. 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, Inc. has a 12-month low of $7.50 and a 12-month high of $48.00. The business’s fifty day simple moving average is $40.59 and its 200-day simple moving average is $37.54.

PACS Group (NYSE:PACS) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. PACS Group had a return on equity of 26.47% and a net margin of 4.49%.The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.36 billion. As a group, equities research analysts predict that PACS Group, Inc. will post 2.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PACS Group news, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the completion of the sale, the insider directly owned 830,955 shares of the company’s stock, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $40.01, for a total transaction of $600,150.00. Following the completion of the sale, the chief accounting officer owned 370,338 shares in the company, valued at $14,817,223.38. This represents a 3.89% 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. Over the last ninety days, insiders sold 796,524 shares of company stock worth $31,611,396. 70.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PACS shares. UBS Group raised their price target on PACS Group from $50.00 to $57.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Oppenheimer upped their price objective 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. 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. Weiss Ratings upgraded shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Truist Financial boosted their price target on shares of PACS Group from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, May 18th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.60.

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.