PACS Group, Inc. $PACS Stock Sold by Royce & Associates LP

Royce & Associates LP trimmed its holdings in shares of PACS Group, Inc. (NYSE:PACS) by 15.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 775,218 shares of the company’s stock after selling 137,274 shares during the period. Royce & Associates LP owned approximately 0.49% of PACS Group worth $32,210,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of PACS. Nisa Investment Advisors LLC raised its stake in shares of PACS Group by 11.0% in the third quarter. Nisa Investment Advisors LLC now owns 2,327 shares of the company’s stock worth $97,000 after purchasing an additional 230 shares during the last quarter. Financial Management Professionals Inc. lifted its holdings in shares of PACS Group by 54.9% during the second quarter. Financial Management Professionals Inc. now owns 663 shares of the company’s stock valued at $28,000 after purchasing an additional 235 shares in the last quarter. Smith Group Asset Management LLC lifted its holdings in shares of PACS Group by 1.3% during the third quarter. Smith Group Asset Management LLC now owns 24,680 shares of the company’s stock valued at $1,025,000 after purchasing an additional 320 shares in the last quarter. Jacobsen Capital Management lifted its holdings in shares of PACS Group by 3.4% during the third quarter. Jacobsen Capital Management now owns 17,837 shares of the company’s stock valued at $741,000 after purchasing an additional 579 shares in the last quarter. Finally, Toth Financial Advisory Corp lifted its holdings in shares of PACS Group by 87.5% during the third quarter. Toth Financial Advisory Corp now owns 1,500 shares of the company’s stock valued at $62,000 after purchasing an additional 700 shares in the last quarter.

Insider Transactions at PACS Group

In other news, COO Joshua Jergensen sold 40,000 shares of the stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $50.11, for a total value of $2,004,400.00. Following the transaction, the chief operating officer owned 2,416,320 shares in the company, valued at $121,081,795.20. This represents a 1.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Lewis sold 3,172 shares of the firm’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $50.06, for a total transaction of $158,790.32. Following the completion of the transaction, the chief accounting officer directly owned 340,338 shares in the company, valued at approximately $17,037,320.28. The trade was a 0.92% 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 quarter, insiders have sold 1,781,666 shares of company stock valued at $81,840,913. 70.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Weiss Ratings upgraded PACS Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, November 4th. Truist Financial reissued a “buy” rating and issued a $65.00 target price (up from $62.00) on shares of PACS Group in a research report on Thursday, November 5th. Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Wall Street Zen cut shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, JPMorgan Chase & Co. raised their price target 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. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.33.

PACS Group Stock Performance

PACS Group stock traded up $0.21 during mid-day trading on Friday, reaching $48.21. 464,311 shares of the stock traded hands, compared to its average volume of 924,401. The stock has a market capitalization of $7.65 billion, a PE ratio of 27.24, a price-to-earnings-growth ratio of 1.56 and a beta of -0.14. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.80 and a quick ratio of 0.80. PACS Group, Inc. has a 12-month low of $10.31 and a 12-month high of $51.68. The business’s 50-day moving average is $45.25 and its 200-day moving average is $40.38.

PACS Group (NYSE:PACS) last posted its earnings results on Tuesday, November 3rd. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The company 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 31.98% and a net margin of 4.87%. As a group, sell-side analysts predict that PACS Group, Inc. will post 2.05 EPS for the current fiscal year.

About PACS Group

PACS Group, Inc. is a post-acute healthcare provider that operates skilled nursing and rehabilitation facilities. Its services include nursing care, physical and occupational therapy, and support for patients recovering from illness or injury, as well as care for people with ongoing or long-term needs. Founded in 2013, the company has expanded its network of facilities across the United States. Its operations are organized through affiliated entities, with care and services tailored to the needs of residents and patients in the communities it serves.