BI Asset Management Fondsmaeglerselskab A S Invests $6.76 Million in PACS Group, Inc. $PACS

Key Points

• BI Asset Management Fondsmaeglerselskab A S opened a new position in PACS Group during the first quarter, buying 210,537 shares worth about $6.76 million.
• Several other institutional investors also adjusted their PACS holdings, while insiders were active sellers: Mark Hancock and John Todd Mitchell both sold shares, and insiders have sold 316,472 shares over the last three months.
• PACS Group recently posted better-than-expected quarterly results, earning $0.50 per share versus $0.42 expected and generating $1.42 billion in revenue, while analysts currently rate the stock a Moderate Buy with a consensus price target of $48.

BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of PACS Group, Inc. (NYSE:PACS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 210,537 shares of the company's stock, valued at approximately $6,762,000. BI Asset Management Fondsmaeglerselskab A S owned about 0.13% of PACS Group as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Cubist Systematic Strategies LLC bought a new stake in PACS Group during the 1st quarter valued at approximately $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of PACS Group by 6.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the company's stock valued at $262,000 after acquiring an additional 1,443 shares during the period. Millennium Management LLC grew its position in PACS Group by 68.3% in the 1st quarter. Millennium Management LLC now owns 859,295 shares of the company's stock worth $9,658,000 after purchasing an additional 348,743 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in PACS Group during the first quarter worth about $64,000. Finally, Caxton Associates LLP acquired a new position in PACS Group in the 1st quarter valued at approximately $163,000.

Insiders Place Their Bets

In other PACS Group news, insider Mark Hancock sold 153,254 shares of the firm's stock in a transaction dated Monday, June 15th. The stock was 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 approximately $1,978,689,124.62. This trade represents a 0.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 completion of the sale, the insider directly owned 830,955 shares of the company's stock, valued at approximately $31,592,909.10. This trade represents a 5.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 316,472 shares of company stock worth $11,575,144. 70.10% of the stock is currently owned by company insiders.

PACS Group Stock Up 0.2%

NYSE:PACS opened at $36.67 on Monday. The stock's fifty day moving average price is $35.91 and its two-hundred day moving average price is $36.00. The company has a market cap of $5.80 billion and a price-to-earnings ratio of 23.51. PACS Group, Inc. has a 52-week low of $7.50 and a 52-week high of $43.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99.

PACS Group (NYSE:PACS - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported $0.50 earnings per share (EPS) 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 analyst estimates of $1.36 billion. PACS Group had a return on equity of 26.47% and a net margin of 4.49%. On average, analysts anticipate that PACS Group, Inc. will post 2.23 EPS for the current year.

Analyst Upgrades and Downgrades

PACS has been the subject of a number of research reports. UBS Group raised their price objective on PACS Group from $42.00 to $44.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Zacks Research lowered PACS Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 14th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of PACS Group in a research report on Friday, March 27th. Royal Bank Of Canada lifted their price target on shares of PACS Group from $47.00 to $52.00 and gave the stock an "outperform" rating in a research note on Friday, February 27th. Finally, Truist Financial boosted their price target on shares of PACS Group from $50.00 to $52.00 and gave the company a "buy" rating in a report on Monday, May 18th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.00.

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.

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