Corient Private Wealth LLC Buys 38,956 Shares of PACS Group, Inc. $PACS

Key Points

• Corient Private Wealth increased its PACS Group stake by 29.7% in the fourth quarter, adding 38,956 shares to bring its total holdings to 170,052 shares worth about $6.53 million.
• Insiders have been selling shares, including Mark Hancock and John Todd Mitchell, with 380,152 shares sold over the last 90 days worth $13.8 million. Most of the sales were made under pre-arranged Rule 10b5-1 trading plans.
• Analysts remain constructive on PACS Group, with five Buy ratings and two Hold ratings; the consensus target price is $48.00, while recent reports from Truist, RBC, UBS, and Oppenheimer all raised their price targets.

Corient Private Wealth LLC raised its stake in PACS Group, Inc. (NYSE:PACS - Free Report) by 29.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,052 shares of the company's stock after acquiring an additional 38,956 shares during the period. Corient Private Wealth LLC owned approximately 0.11% of PACS Group worth $6,528,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Alyeska Investment Group L.P. grew its holdings in shares of PACS Group by 159.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company's stock worth $86,378,000 after purchasing an additional 1,382,984 shares in the last quarter. Crewe Advisors LLC lifted its position in PACS Group by 93.1% during the fourth quarter. Crewe Advisors LLC now owns 2,147,815 shares of the company's stock worth $82,455,000 after purchasing an additional 1,035,747 shares during the period. Royce & Associates LP lifted its position in PACS Group by 76.6% during the third quarter. Royce & Associates LP now owns 1,859,070 shares of the company's stock worth $25,525,000 after purchasing an additional 806,446 shares during the period. Marshall Wace LLP grew its stake in PACS Group by 348.6% during the third quarter. Marshall Wace LLP now owns 1,010,906 shares of the company's stock worth $13,880,000 after buying an additional 785,537 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in PACS Group by 120.4% during the second quarter. Ameriprise Financial Inc. now owns 1,129,612 shares of the company's stock worth $14,595,000 after buying an additional 617,124 shares in the last quarter.

Insider Buying and Selling

In related news, insider Mark Hancock sold 63,680 shares of PACS Group stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.31, for a total transaction of $2,248,540.80. Following the sale, the insider directly owned 54,302,597 shares of the company's stock, valued at approximately $1,917,424,700.07. The trade was a 0.12% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 27,389 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $37.16, for a total transaction of $1,017,775.24. Following the transaction, the insider owned 803,566 shares of the company's stock, valued at approximately $29,860,512.56. This represents a 3.30% 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. Over the last 90 days, insiders sold 380,152 shares of company stock worth $13,823,685. 70.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on PACS shares. Truist Financial boosted their target price 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. Royal Bank Of Canada increased their price target on shares of PACS Group from $47.00 to $52.00 and gave the stock an "outperform" rating in a research report on Friday, February 27th. Wall Street Zen raised shares of PACS Group from a "buy" rating to a "strong-buy" rating in a research note on Monday, June 15th. 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. Finally, Oppenheimer upped their target price on PACS Group from $42.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, PACS Group has a consensus rating of "Moderate Buy" and a consensus target price of $48.00.

PACS Group Stock Performance

NYSE:PACS opened at $40.49 on Friday. PACS Group, Inc. has a twelve month low of $7.50 and a twelve month high of $43.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. The stock's 50-day simple moving average is $36.26 and its 200 day simple moving average is $36.21. The firm has a market capitalization of $6.41 billion and a PE ratio of 25.95.

PACS Group (NYSE:PACS - Get Free Report) last issued its earnings results on Monday, May 11th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.42 by $0.08. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate 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 fiscal year.

PACS Group 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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