PACS Group (NYSE:PACS) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• PACS Group beat quarterly estimates: It reported EPS of $0.63, $0.05 above consensus, and revenue of $1.50 billion versus expectations of $1.46 billion.
• The shares rose 2.2% in mid-day trading to $46.59 after the results.
• Insiders sold 1.35 million shares worth about $60 million over the past 90 days; analysts’ consensus rating is “Moderate Buy,” with an average price target of $58.80.

PACS Group (NYSE:PACS - Get Free Report) posted its quarterly earnings results on Tuesday. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.05, FiscalAI reports. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. The business had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.46 billion.

PACS Group Stock Up 2.2%

NYSE PACS traded up $1.01 during mid-day trading on Tuesday, hitting $46.59. The company's stock had a trading volume of 799,131 shares, compared to its average volume of 891,718. The firm has a market capitalization of $7.37 billion, a price-to-earnings ratio of 27.09, a PEG ratio of 1.53 and a beta of -0.08. The company's 50 day simple moving average is $44.24 and its 200 day simple moving average is $39.81. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. PACS Group has a twelve month low of $10.31 and a twelve month high of $50.38.

Insiders Place Their Bets

In other news, COO Joshua Jergensen sold 40,000 shares of PACS Group stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $45.59, for a total transaction of $1,823,600.00. Following the completion of the transaction, the chief operating officer directly owned 2,536,320 shares in the company, valued at $115,630,828.80. This trade represents a 1.55% 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, CEO Jason Murray sold 110,035 shares of the business's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $47.27, for a total transaction of $5,201,354.45. Following the sale, the chief executive officer directly owned 54,324,982 shares of the company's stock, valued at approximately $2,567,941,899.14. The trade was a 0.20% 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. Over the last 90 days, insiders have sold 1,347,267 shares of company stock worth $60,021,034. Insiders own 70.10% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Truist Financial set a $62.00 price objective on shares of PACS Group in a report on Wednesday, September 2nd. JPMorgan Chase & Co. raised their target price on PACS Group from $47.00 to $58.00 and gave the company an "overweight" rating in a research note on Friday, September 4th. Zacks Research lowered PACS Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 9th. Wall Street Zen lowered PACS Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, UBS Group upped their price target 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 equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $58.80.

About PACS Group

PACS Group, Inc is a U.S.-based healthcare services company that owns and operates post-acute care facilities. Its platform focuses primarily on skilled nursing and transitional care, serving patients who require rehabilitation, recovery support, long-term care, and other services following hospitalization or acute medical treatment.

The company's operations also include assisted living, independent living, and behavioral health services in select locations. Through its facilities and related healthcare capabilities, PACS Group provides services such as nursing care, physical and occupational therapy, speech therapy, medical treatment, and support for patients with complex or extended care needs.

Founded in 2013 and headquartered in Farmington, Utah, PACS Group serves communities across multiple U.S.

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