PACS Group (NYSE:PACS) Sets New 12-Month High After Earnings Beat

Shares of PACS Group, Inc. (NYSE:PACS) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $50.68 and last traded at $50.86, with a volume of 425,100 shares. The stock had previously closed at $46.68.

The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.46 billion. PACS Group had a return on equity of 29.55% and a net margin of 4.85%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of PACS Group from $47.00 to $58.00 and gave the stock an “overweight” rating in a research note on Friday, September 4th. Truist Financial set a $62.00 price objective on shares of PACS Group in a research report on Wednesday, September 2nd. Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 9th. Wall Street Zen downgraded shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Royal Bank Of Canada increased their price objective on PACS Group from $52.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, PACS Group has a consensus rating of “Moderate Buy” and a consensus price target of $58.80.

Insiders Place Their Bets

In related news, CAO Michelle Lewis sold 2,364 shares of the company’s stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $50.04, for a total transaction of $118,294.56. Following the completion of the sale, the chief accounting officer owned 343,510 shares of the company’s stock, valued at approximately $17,189,240.40. This represents a 0.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Murray sold 1,904 shares of PACS Group stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $50.05, for a total transaction of $95,295.20. Following the sale, the chief executive officer directly owned 54,179,397 shares in the company, valued at approximately $2,711,678,819.85. The trade was a 0.00% 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 90 days, insiders have sold 1,347,267 shares of company stock worth $60,021,034. Corporate insiders own 70.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Financial Management Professionals Inc. boosted its stake in 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 buying an additional 235 shares in the last quarter. GK Wealth Management LLC purchased a new stake in shares of PACS Group during the 3rd quarter valued at about $41,000. KBC Group NV purchased a new stake in PACS Group during the first quarter valued at $42,000. USA Financial Formulas bought a new stake in PACS Group during the third quarter valued at about $46,000. Finally, Western Wealth Management LLC purchased a new position in PACS Group in the 1st quarter worth approximately $48,000.

PACS Group Price Performance

The firm has a market cap of $8.13 billion, a PE ratio of 29.57, a PEG ratio of 1.42 and a beta of -0.14. 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 fifty day simple moving average of $44.29 and a two-hundred day simple moving average of $39.85.

PACS Group Company Profile

PACS Group, Inc is a U.S.-based healthcare services company that owns and operates post-acute care facilities. Its platform focuses primarily on skilled nursing and transitional care, serving patients who require rehabilitation, recovery support, long-term care, and other services following hospitalization or acute medical treatment.

The company’s operations also include assisted living, independent living, and behavioral health services in select locations. Through its facilities and related healthcare capabilities, PACS Group provides services such as nursing care, physical and occupational therapy, speech therapy, medical treatment, and support for patients with complex or extended care needs.

Founded in 2013 and headquartered in Farmington, Utah, PACS Group serves communities across multiple U.S.