Shares of PACS Group, Inc. (NYSE:PACS – Get Free Report) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $31.90, but opened at $38.60. PACS Group shares last traded at $39.0040, with a volume of 642,771 shares.
The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.08. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.36 billion. PACS Group had a return on equity of 22.55% and a net margin of 3.62%.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PACS Group in a research note on Friday, March 27th. Zacks Research raised shares of PACS Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 4th. Wall Street Zen upgraded shares of PACS Group from a “hold” rating to a “buy” rating in a research report on Sunday. Royal Bank Of Canada upped their price objective on shares of PACS Group from $47.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. Finally, UBS Group increased their price objective on shares of PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $44.40.
Insider Transactions at PACS Group
In other PACS Group news, COO Joshua Jergensen sold 36,335 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $34.28, for a total value of $1,245,563.80. Following the completion of the sale, the chief operating officer directly owned 2,667,347 shares in the company, valued at $91,436,655.16. This represents a 1.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 70.10% of the stock is currently owned by insiders.
Institutional Investors Weigh In On PACS Group
Hedge funds have recently modified their holdings of the company. Alyeska Investment Group L.P. increased its position in PACS Group by 159.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company’s stock worth $86,378,000 after purchasing an additional 1,382,984 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of PACS Group by 93.1% in the 4th quarter. Crewe Advisors LLC now owns 2,147,815 shares of the company’s stock valued at $82,455,000 after buying an additional 1,035,747 shares during the period. Royce & Associates LP increased its holdings in shares of PACS Group by 76.6% during the 3rd quarter. Royce & Associates LP now owns 1,859,070 shares of the company’s stock worth $25,525,000 after buying an additional 806,446 shares during the last quarter. Marshall Wace LLP raised its position in shares of PACS Group by 348.6% during the 3rd quarter. Marshall Wace LLP now owns 1,010,906 shares of the company’s stock valued at $13,880,000 after buying an additional 785,537 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of PACS Group by 120.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company’s stock valued at $14,595,000 after buying an additional 617,124 shares during the period.
PACS Group Stock Up 24.4%
The stock has a market capitalization of $6.24 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.02 and a beta of -0.03. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.07 and a quick ratio of 1.07. The business has a fifty day moving average of $34.07 and a 200 day moving average of $32.03.
About PACS Group
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.
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