Allspring Global Investments Holdings LLC Acquires 123,654 Shares of PACS Group, Inc. (NYSE:PACS)

Allspring Global Investments Holdings LLC raised its holdings in shares of PACS Group, Inc. (NYSE:PACS) by 48.6% in the 3rd quarter, Holdings Channel reports. The firm owned 378,325 shares of the company’s stock after purchasing an additional 123,654 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in PACS Group were worth $15,122,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Amalgamated Bank bought a new stake in PACS Group during the 2nd quarter valued at about $25,000. Sandia Investment Management LP purchased a new position in shares of PACS Group during the second quarter worth approximately $295,000. The Manufacturers Life Insurance Company purchased a new stake in shares of PACS Group in the second quarter valued at approximately $302,000. SG Americas Securities LLC purchased a new stake in shares of PACS Group in the third quarter valued at approximately $548,000. Finally, Oppenheimer Asset Management Inc. bought a new position in PACS Group in the second quarter worth approximately $552,000.

Wall Street Analyst Weigh In

PACS has been the topic of a number of recent research reports. Macquarie assumed coverage on PACS Group in a research report on Friday, June 28th. They set an “outperform” rating and a $35.00 price target on the stock. UBS Group started coverage on shares of PACS Group in a research report on Wednesday, October 9th. They set a “buy” rating and a $50.00 target price on the stock. Oppenheimer boosted their price target on shares of PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Citigroup started coverage on shares of PACS Group in a research note on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Truist Financial increased their target price on PACS Group from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $39.38.

PACS Group Price Performance

Shares of PACS opened at $42.09 on Friday. The business’s 50-day moving average is $39.89 and its two-hundred day moving average is $33.28. PACS Group, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $43.23. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.82.

PACS Group (NYSE:PACS) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.42). The company had revenue of $981.80 million during the quarter, compared to the consensus estimate of $919.22 million. PACS Group’s revenue was up 29.1% compared to the same quarter last year. On average, sell-side analysts forecast that PACS Group, Inc. will post 1.03 EPS for the current fiscal year.

PACS Group 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.