PACS Group (NYSE:PACS) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

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

PACS Group Trading Up 0.6%

NYSE:PACS traded up $0.25 during trading hours on Tuesday, hitting $44.75. The company had a trading volume of 1,279,320 shares, compared to its average volume of 938,041. The company has a market capitalization of $7.08 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.38 and a beta of -0.08. The stock has a 50-day moving average price of $41.08 and a 200 day moving average price of $37.63. PACS Group has a 52 week low of $7.50 and a 52 week high of $48.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99.

Insiders Place Their Bets

In related news, insider Mark Hancock sold 153,254 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $36.34, for a total transaction of $5,569,250.36. Following the transaction, the insider owned 54,449,343 shares in the company, valued at $1,978,689,124.62. The trade was a 0.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the completion of the transaction, the insider directly owned 830,955 shares of the company’s stock, valued at approximately $31,592,909.10. The trade was a 5.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 796,524 shares of company stock worth $31,611,396. 70.10% of the stock is currently owned by corporate insiders.

Institutional Trading of PACS Group

Several large investors have recently bought and sold shares of the company. Hollencrest Capital Management bought a new position in shares of PACS Group in the 4th quarter worth approximately $27,000. Quarry LP boosted its position in shares of PACS Group by 79.5% during the third quarter. Quarry LP now owns 2,388 shares of the company’s stock valued at $33,000 after purchasing an additional 1,058 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in PACS Group in the first quarter worth $64,000. Tower Research Capital LLC TRC grew its stake 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 worth $80,000 after purchasing an additional 4,581 shares during the period. Finally, Caxton Associates LLP bought a new position in PACS Group in the first quarter worth $163,000.

Analyst Ratings Changes

Several brokerages have recently issued reports on PACS. UBS Group raised their target price on shares of PACS Group from $50.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Truist Financial increased their price target 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. Zacks Research lowered shares of PACS Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Weiss Ratings raised shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Oppenheimer upped their price objective on shares of PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.60.

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.