PACS Group (NYSE:PACS) Shares Down 6.4% – What’s Next?

Shares of PACS Group, Inc. (NYSE:PACS) traded down 6.4% during mid-day trading on Tuesday . The stock traded as low as $45.22 and last traded at $45.3250. 480,062 shares traded hands during trading, a decline of 49% from the average session volume of 942,870 shares. The stock had previously closed at $48.45.

Wall Street Analysts Forecast Growth

PACS has been the topic of a number of analyst reports. Zacks Research cut PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Wall Street Zen lowered PACS Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings cut PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, August 5th. Oppenheimer boosted their target price on PACS Group from $48.00 to $57.00 and gave the stock an “outperform” rating in a report on Monday. Finally, UBS Group increased their target price on PACS Group from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, PACS Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.00.

PACS Group Trading Down 6.4%

The firm’s 50 day moving average price is $42.00 and its 200-day moving average price is $37.93. The stock has a market cap of $7.17 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.45 and a beta of -0.08. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91.

PACS Group (NYSE:PACS) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.09. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. As a group, equities research analysts forecast that PACS Group, Inc. will post 2.23 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Michelle Renee Lewis sold 4,137 shares of PACS Group stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $45.04, for a total value of $186,330.48. Following the completion of the sale, the chief accounting officer directly owned 355,338 shares in the company, valued at approximately $16,004,423.52. This trade represents a 1.15% decrease in their position. The transaction was disclosed in a 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, Director Mark Hancock sold 4,966 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $45.06, for a total transaction of $223,767.96. Following the transaction, the director owned 53,920,512 shares in the company, valued at $2,429,658,270.72. This represents a 0.01% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 796,524 shares of company stock valued at $31,611,396. Corporate insiders own 70.10% of the company’s stock.

Institutional Trading of PACS Group

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new stake in PACS Group in the second quarter worth approximately $8,196,000. Handelsbanken Fonder AB purchased a new stake in PACS Group during the 2nd quarter valued at $567,000. Financial Management Professionals Inc. lifted its holdings in shares of PACS Group by 54.9% during the 2nd quarter. Financial Management Professionals Inc. now owns 663 shares of the company’s stock valued at $28,000 after buying an additional 235 shares during the period. Empowered Funds LLC bought a new position in shares of PACS Group during the 1st quarter valued at $278,000. Finally, Western Wealth Management LLC purchased a new position in shares of PACS Group in the 1st quarter worth $48,000.

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.