Defilade Capital Management L.P. Cuts Stock Holdings in PACS Group, Inc. $PACS

Key Points

• Defilade Capital Management cut its PACS Group stake by 47.3% in the first quarter, selling 541,305 shares and retaining 604,180 shares worth approximately $19.4 million.
• PACS Group reported quarterly EPS of $0.50, beating estimates of $0.42, while revenue reached $1.42 billion versus the $1.36 billion consensus forecast.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $50.60; UBS recently raised its target to $57.00.

Defilade Capital Management L.P. lowered its position in shares of PACS Group, Inc. (NYSE:PACS - Free Report) by 47.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 604,180 shares of the company's stock after selling 541,305 shares during the period. PACS Group makes up approximately 2.7% of Defilade Capital Management L.P.'s portfolio, making the stock its 16th largest position. Defilade Capital Management L.P. owned approximately 0.38% of PACS Group worth $19,406,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PACS. Hollencrest Capital Management purchased a new stake in PACS Group during the 4th quarter valued at $27,000. Larson Financial Group LLC raised its stake in shares of PACS Group by 127.0% in the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company's stock worth $42,000 after purchasing an additional 612 shares during the last quarter. KBC Group NV bought a new position in shares of PACS Group during the first quarter valued at $42,000. Western Wealth Management LLC bought a new position in shares of PACS Group during the first quarter valued at $48,000. Finally, Physician Wealth Advisors Inc. bought a new position in shares of PACS Group during the fourth quarter valued at $74,000.

PACS Group Stock Performance

PACS stock opened at $46.12 on Monday. The company has a market cap of $7.30 billion, a P/E ratio of 29.56, a price-to-earnings-growth ratio of 1.38 and a beta of -0.08. PACS Group, Inc. has a 1 year low of $7.50 and a 1 year 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. The stock's fifty day moving average price is $40.94 and its 200-day moving average price is $37.61.

PACS Group (NYSE:PACS - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.50 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.08. PACS Group had a return on equity of 26.47% and a net margin of 4.49%.The company had revenue of $1.42 billion during the quarter, compared to analysts' expectations of $1.36 billion. On average, equities analysts forecast that PACS Group, Inc. will post 2.23 earnings per share for the current year.

Insider Transactions at PACS Group

In other news, CAO Michelle Renee Lewis sold 4,137 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $45.04, for a total value of $186,330.48. Following the transaction, the chief accounting officer owned 355,338 shares in the company, valued at $16,004,423.52. This represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Hancock sold 4,966 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $45.06, for a total transaction of $223,767.96. Following the completion of the transaction, the director directly owned 53,920,512 shares in the company, valued at approximately $2,429,658,270.72. The trade was a 0.01% decrease in their position. 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 have sold 796,524 shares of company stock valued at $31,611,396. Corporate insiders own 70.10% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. UBS Group lifted their price objective on PACS Group from $50.00 to $57.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Oppenheimer upped their target price 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. Wall Street Zen upgraded shares of PACS Group from a "buy" rating to a "strong-buy" rating in a research note on Monday, June 15th. Truist Financial raised 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. Finally, Zacks Research lowered shares of PACS Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 14th. Five 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, PACS Group has a consensus rating of "Moderate Buy" and an average target price 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.

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