PACS Group, Inc. $PACS Position Boosted by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital increased its PACS Group stake by 44.6% in the first quarter, bringing its holdings to 288,718 shares valued at approximately $9.27 million. Several other institutional investors also initiated or expanded positions.
• PACS Group reported quarterly revenue of $1.42 billion and earnings of $0.50 per share, exceeding analyst estimates of $1.36 billion and $0.42 per share, respectively.
• Analyst sentiment remains positive, with an average “Moderate Buy” rating and a $50.60 price target; UBS recently raised its target to $57. However, insiders sold 796,524 shares worth roughly $31.6 million over the past 90 days.

Arrowstreet Capital Limited Partnership lifted its holdings in PACS Group, Inc. (NYSE:PACS - Free Report) by 44.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 288,718 shares of the company's stock after purchasing an additional 89,067 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.18% of PACS Group worth $9,274,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hollencrest Capital Management bought a new stake in PACS Group during the fourth quarter worth approximately $27,000. Quarry LP lifted its position in shares of PACS Group by 79.5% during the 3rd quarter. Quarry LP now owns 2,388 shares of the company's stock valued at $33,000 after acquiring an additional 1,058 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of PACS Group by 127.0% during the 4th quarter. Larson Financial Group LLC now owns 1,094 shares of the company's stock worth $42,000 after acquiring an additional 612 shares in the last quarter. KBC Group NV bought a new stake in shares of PACS Group during the 1st quarter worth $42,000. Finally, Jones Financial Companies Lllp acquired a new position in shares of PACS Group in the 1st quarter worth $64,000.

PACS Group Stock Down 1.9%

NYSE:PACS opened at $46.12 on Friday. The business's fifty day moving average price is $40.94 and its 200 day moving average price is $37.64. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 29.56, a PEG ratio of 1.38 and a beta of -0.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.27. PACS Group, Inc. has a 1-year low of $7.50 and a 1-year high of $48.00.

PACS Group (NYSE:PACS - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.50 EPS for the quarter, topping 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 firm had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.36 billion. On average, sell-side analysts forecast that PACS Group, Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Michelle Renee Lewis sold 15,000 shares of the business's stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $40.01, for a total transaction of $600,150.00. Following the transaction, the chief accounting officer directly owned 370,338 shares in the company, valued at $14,817,223.38. The trade was a 3.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 on Friday, May 15th. The stock was sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the completion of the transaction, the insider directly owned 830,955 shares in the company, valued at $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. Insiders have sold a total of 796,524 shares of company stock worth $31,611,396 in the last ninety days. Corporate insiders own 70.10% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. UBS Group lifted their price target on PACS Group from $50.00 to $57.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. 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. Weiss Ratings upgraded shares of PACS Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Oppenheimer lifted their target price on shares of PACS Group from $42.00 to $48.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Finally, Zacks Research lowered shares of PACS Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 14th. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, PACS Group currently has an average 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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