PACS Group (NYSE:PACS) Downgraded by Zacks Research to “Hold”

PACS Group (NYSE:PACS) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday, Zacks reports.

Several other research firms also recently weighed in on PACS. Truist Financial set a $62.00 price target on shares of PACS Group in a research note on Wednesday, September 2nd. Oppenheimer upped their price objective on shares of PACS Group from $48.00 to $57.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. JPMorgan Chase & Co. increased their price objective on shares of PACS Group from $47.00 to $58.00 and gave the company an “overweight” rating in a report on Friday, September 4th. Weiss Ratings cut PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Finally, Wall Street Zen lowered PACS Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.80.

PACS Group Trading Up 0.4%

Shares of PACS stock opened at $44.77 on Wednesday. The stock’s fifty day moving average is $44.74 and its two-hundred day moving average is $39.05. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $7.08 billion, a P/E ratio of 26.03, a PEG ratio of 1.39 and a beta of -0.13. PACS Group has a fifty-two week low of $8.00 and a fifty-two week high of $49.49.

PACS Group (NYSE:PACS) last announced its earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.09. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Research analysts expect that PACS Group will post 2.13 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Mark Hancock sold 153,254 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $36.34, for a total transaction of $5,569,250.36. Following the completion of the sale, the insider directly owned 54,449,343 shares in the company, valued at approximately $1,978,689,124.62. This trade represents a 0.28% 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, CEO Jason Murray sold 91,306 shares of PACS Group stock in a transaction dated Thursday, August 20th. The stock was 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 in the company, valued at $2,404,800,511.20. This trade represents a 0.17% decrease in their ownership of the stock. 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 three months, insiders have sold 1,263,038 shares of company stock worth $52,600,000. Corporate insiders own 70.10% of the company’s stock.

Hedge Funds Weigh In On PACS Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of PACS Group in the 1st quarter valued at $3,171,000. Smith Group Asset Management LLC acquired a new stake in shares of PACS Group during the 1st quarter worth about $771,000. Maven Securities LTD acquired a new stake in shares of PACS Group during the 4th quarter worth about $960,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of PACS Group during the 1st quarter worth about $6,762,000. Finally, Corient Private Wealth LLC raised its holdings in PACS Group by 29.7% in the 4th quarter. Corient Private Wealth LLC now owns 170,052 shares of the company’s stock valued at $6,528,000 after buying an additional 38,956 shares during the period.

About PACS Group

PACS Group, Inc is a U.S. healthcare services company that operates skilled nursing and post-acute care facilities. Its facilities provide short-term rehabilitation, long-term skilled nursing, nursing care, and related clinical services for patients recovering from illness, injury, surgery, or hospitalization.

The company’s broader care offerings may include assisted living, memory care, behavioral health, and other specialized post-acute services, depending on the facility and market.