PACS Group (NYSE:PACS) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

PACS Group (NYSE:PACSGet Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.09, FiscalAI reports. PACS Group had a return on equity of 26.47% and a net margin of 4.49%.The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion.

PACS Group Price Performance

Shares of PACS traded up $0.25 during mid-day trading on Tuesday, hitting $44.75. The company’s stock had a trading volume of 1,279,320 shares, compared to its average volume of 938,041. 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 has a 1-year low of $7.50 and a 1-year high of $48.00. The firm has a market capitalization of $7.08 billion, a P/E ratio of 28.69, a P/E/G ratio of 1.38 and a beta of -0.08. The firm has a 50-day simple moving average of $41.08 and a 200 day simple moving average of $37.63.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 15th. Weiss Ratings raised shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Oppenheimer boosted their price target 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. Finally, UBS Group boosted their price target on shares of PACS Group from $50.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday, July 8th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.60.

Read Our Latest Stock Analysis on PACS

Insider Buying and Selling

In other PACS Group news, insider Mark Hancock sold 153,254 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the sale, the insider owned 54,449,343 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 15,000 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $40.01, for a total transaction of $600,150.00. Following the sale, the chief accounting officer owned 370,338 shares in the company, valued at $14,817,223.38. The trade was 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. Insiders have sold 796,524 shares of company stock valued at $31,611,396 over the last quarter. Company insiders own 70.10% of the company’s stock.

Hedge Funds Weigh In On PACS Group

A number of large investors have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in shares of PACS Group in the fourth quarter valued at about $27,000. Quarry LP grew its position in PACS Group by 79.5% during the third quarter. Quarry LP now owns 2,388 shares of the company’s stock worth $33,000 after buying an additional 1,058 shares during the period. Jones Financial Companies Lllp acquired a new position in PACS Group during the first quarter worth about $64,000. Tower Research Capital LLC TRC increased its holdings in PACS Group by 289.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,166 shares of the company’s stock valued at $80,000 after buying an additional 4,581 shares in the last quarter. Finally, Caxton Associates LLP purchased a new position in PACS Group in the first quarter valued at about $163,000.

About PACS Group

(Get Free Report)

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.

See Also

Earnings History for PACS Group (NYSE:PACS)

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