Engineers Gate Manager LP Takes $1.13 Million Position in PACS Group, Inc. $PACS

Key Points

• Engineers Gate Manager LP acquired 26,537 PACS Group shares worth approximately $1.13 million during the second quarter, joining several other institutional investors that increased or initiated positions.
• Analysts remain broadly positive, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $58.80, despite one recent downgrade by Zacks Research.
• PACS Group exceeded quarterly expectations, reporting $0.63 in EPS versus $0.54 expected and $1.43 billion in revenue; however, insiders sold roughly $57.5 million of stock over the last quarter while retaining 70.1% ownership.

Engineers Gate Manager LP bought a new stake in PACS Group, Inc. (NYSE:PACS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,537 shares of the company's stock, valued at approximately $1,132,000.

A number of other institutional investors have also added to or reduced their stakes in PACS. Integrated Wealth Concepts LLC acquired a new position in shares of PACS Group in the 2nd quarter valued at $75,000. Squarepoint Ops LLC boosted its position in shares of PACS Group by 94.7% during the 2nd quarter. Squarepoint Ops LLC now owns 59,523 shares of the company's stock valued at $2,538,000 after acquiring an additional 28,945 shares in the last quarter. Nykredit A S bought a new stake in PACS Group in the second quarter valued at about $95,000. Corient Private Wealth LP raised its position in PACS Group by 1.8% in the second quarter. Corient Private Wealth LP now owns 152,846 shares of the company's stock worth $6,517,000 after purchasing an additional 2,680 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PACS Group in the second quarter worth about $1,893,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PACS shares. JPMorgan Chase & Co. increased their target price on PACS Group from $47.00 to $58.00 and gave the stock an "overweight" rating in a report on Friday, September 4th. Oppenheimer boosted their price target on PACS Group from $48.00 to $57.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. UBS Group upped their price target on PACS Group from $57.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Royal Bank Of Canada increased their price objective on PACS Group from $52.00 to $57.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Finally, Zacks Research cut PACS Group from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 9th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.80.

PACS Group Stock Performance

Shares of NYSE:PACS opened at $42.41 on Friday. The business has a fifty day moving average of $44.64 and a 200-day moving average of $39.20. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91. PACS Group, Inc. has a twelve month low of $10.31 and a twelve month high of $49.49. The firm has a market cap of $6.71 billion, a PE ratio of 24.65, a price-to-earnings-growth ratio of 1.31 and a beta of -0.13.

PACS Group (NYSE:PACS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.41 billion. On average, equities research analysts predict that PACS Group, Inc. will post 2.13 EPS for the current fiscal year.

Insider Activity at PACS Group

In related news, Director Mark Hancock sold 155,682 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $42.47, for a total value of $6,611,814.54. Following the completion of the transaction, the director owned 53,518,884 shares in the company, valued at $2,272,947,003.48. The trade was a 0.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jason Murray sold 10,529 shares of the company's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $45.23, for a total value of $476,226.67. Following the transaction, the chief executive officer directly owned 54,555,566 shares in the company, valued at approximately $2,467,548,250.18. This represents a 0.02% 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. Insiders sold a total of 1,322,655 shares of company stock valued at $57,456,006 over the last quarter. Corporate insiders own 70.10% of the company's stock.

PACS Group Profile

PACS Group, Inc is a U.S. healthcare services company that operates skilled nursing and post-acute care facilities. Its facilities provide short-term rehabilitation, long-term skilled nursing, nursing care, and related clinical services for patients recovering from illness, injury, surgery, or hospitalization.

The company's broader care offerings may include assisted living, memory care, behavioral health, and other specialized post-acute services, depending on the facility and market.

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