JPMorgan Chase & Co. Sells 1,177,683 Shares of PACS Group, Inc. $PACS

Key Points

• JPMorgan Chase & Co. cut its stake in PACS Group by 97.0% in Q3, selling 1,177,683 shares and leaving it with 36,744 shares valued at about $504,000.
• COO Joshua Jergensen sold 36,335 shares on March 13 for roughly $1.25 million but still holds 2,667,347 shares, and insiders collectively own about 70.40% of the company.
• Several analysts have raised ratings and price targets—Royal Bank of Canada to $52 and Oppenheimer to $42—leaving PACS with a market consensus rating of Buy and a consensus price target of $44.40.

JPMorgan Chase & Co. reduced its position in shares of PACS Group, Inc. (NYSE:PACS - Free Report) by 97.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,744 shares of the company's stock after selling 1,177,683 shares during the period. JPMorgan Chase & Co.'s holdings in PACS Group were worth $504,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Quarry LP boosted its holdings in shares of PACS Group by 79.5% during the 3rd quarter. Quarry LP now owns 2,388 shares of the company's stock worth $33,000 after buying an additional 1,058 shares during the period. Strategic Advocates LLC bought a new stake in shares of PACS Group during the 3rd quarter worth $60,000. Jones Financial Companies Lllp bought a new stake in shares of PACS Group during the 1st quarter worth $64,000. State of Alaska Department of Revenue bought a new stake in shares of PACS Group during the 3rd quarter worth $69,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of PACS Group by 289.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,166 shares of the company's stock worth $80,000 after buying an additional 4,581 shares during the period.

Insider Buying and Selling

In related news, COO Joshua Jergensen sold 36,335 shares of the company's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $34.28, for a total transaction of $1,245,563.80. Following the completion of the transaction, the chief operating officer directly owned 2,667,347 shares in the company, valued at $91,436,655.16. This represents a 1.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 70.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

PACS has been the subject of several recent analyst reports. Royal Bank Of Canada upped their price objective on shares of PACS Group from $47.00 to $52.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. Oppenheimer upped their price objective on shares of PACS Group from $40.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, March 4th. Wall Street Zen raised shares of PACS Group from a "hold" rating to a "buy" rating in a report on Sunday, February 15th. JPMorgan Chase & Co. initiated coverage on shares of PACS Group in a report on Wednesday, December 17th. They set an "overweight" rating and a $44.00 price objective for the company. Finally, Zacks Research upgraded shares of PACS Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $44.40.

PACS Group Price Performance

NYSE:PACS opened at $33.84 on Tuesday. The stock has a market cap of $5.32 billion, a P/E ratio of 27.51, a PEG ratio of 1.03 and a beta of 0.06. PACS Group, Inc. has a one year low of $7.50 and a one year high of $43.08. The company has a fifty day moving average price of $35.71 and a 200 day moving average price of $29.36. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.07 and a quick ratio of 1.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.