Royce & Associates LP Decreases Stock Holdings in PACS Group, Inc. $PACS

Royce & Associates LP decreased its holdings in shares of PACS Group, Inc. (NYSE:PACS) by 59.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 746,234 shares of the company’s stock after selling 1,112,836 shares during the quarter. Royce & Associates LP owned about 0.48% of PACS Group worth $28,648,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Larson Financial Group LLC raised its stake in PACS Group by 127.0% during the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after purchasing an additional 612 shares in the last quarter. ProShare Advisors LLC purchased a new stake in PACS Group during the fourth quarter valued at $309,000. Baader Bank Aktiengesellschaft purchased a new stake in PACS Group during the fourth quarter valued at $288,000. Versor Investments LP purchased a new stake in PACS Group during the fourth quarter valued at $542,000. Finally, Valeo Financial Advisors LLC bought a new position in PACS Group during the fourth quarter valued at $371,000.

PACS Group Trading Up 0.1%

PACS stock opened at $37.78 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. PACS Group, Inc. has a twelve month low of $7.50 and a twelve month high of $43.08. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 24.22, a price-to-earnings-growth ratio of 1.15 and a beta of -0.03. The firm’s fifty day simple moving average is $34.66 and its two-hundred day simple moving average is $33.86.

PACS Group (NYSE:PACS) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.36 billion. PACS Group had a net margin of 4.49% and a return on equity of 26.47%. As a group, analysts anticipate that PACS Group, Inc. will post 2.19 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on PACS. Royal Bank Of Canada boosted their price objective on shares of PACS Group from $47.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. UBS Group boosted their price objective on shares of PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of PACS Group in a research report on Friday, March 27th. Truist Financial boosted their price objective on shares of PACS Group from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Finally, Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Insider Transactions at PACS Group

In other news, insider John Todd Mitchell sold 52,763 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $38.02, for a total value of $2,006,049.26. Following the transaction, the insider directly owned 830,955 shares in the company, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joshua Jergensen sold 36,335 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $34.28, for a total transaction of $1,245,563.80. Following the completion of the transaction, the chief operating officer owned 2,667,347 shares in the company, valued at approximately $91,436,655.16. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 116,487 shares of company stock worth $4,269,388. Company insiders own 70.10% of the company’s stock.

PACS Group Company 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.