PACS Group, Inc. $PACS Shares Sold by Janus Henderson Group PLC

Key Points

• Janus Henderson Group reduced its PACS Group stake by 90.1% in the first quarter, selling 192,970 shares and retaining 21,100 shares valued at approximately $678,000. Other institutions, including Millennium Management, increased their holdings or initiated new positions.
• Company insiders sold 796,524 shares worth about $31.6 million over the past 90 days, though insiders still own 70.1% of PACS Group. Two reported sales were made under pre-arranged Rule 10b5-1 trading plans.
• Analyst sentiment remains positive overall, with five Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $56. PACS recently beat quarterly estimates, reporting $0.63 in earnings per share versus $0.54 expected and revenue of $1.43 billion.

Janus Henderson Group PLC cut its holdings in shares of PACS Group, Inc. (NYSE:PACS - Free Report) by 90.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,100 shares of the company's stock after selling 192,970 shares during the quarter. Janus Henderson Group PLC's holdings in PACS Group were worth $678,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of PACS Group in the 1st quarter valued at $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in PACS Group by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the company's stock valued at $262,000 after purchasing an additional 1,443 shares during the period. Millennium Management LLC lifted its position in PACS Group by 68.3% during the first quarter. Millennium Management LLC now owns 859,295 shares of the company's stock valued at $9,658,000 after purchasing an additional 348,743 shares during the period. Jones Financial Companies Lllp purchased a new stake in PACS Group in the first quarter valued at $64,000. Finally, Caxton Associates LLP purchased a new stake in PACS Group in the first quarter valued at $163,000.

Insiders Place Their Bets

In other news, CAO Michelle Renee Lewis sold 15,000 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $40.01, for a total transaction of $600,150.00. Following the completion of the sale, the chief accounting officer owned 370,338 shares of the company's stock, valued at $14,817,223.38. The trade was a 3.89% decrease in their ownership of the stock. The transaction 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, insider John Todd Mitchell sold 52,763 shares of the company's stock in a transaction dated 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 transaction, the insider owned 830,955 shares of the company's stock, valued at approximately $31,592,909.10. This trade represents a 5.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 796,524 shares of company stock worth $31,611,396. Company insiders own 70.10% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on PACS. Royal Bank Of Canada boosted their price objective on PACS Group from $52.00 to $57.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Oppenheimer lifted their price target on PACS Group from $48.00 to $57.00 and gave the company an "outperform" rating in a research report on Monday. Weiss Ratings downgraded PACS Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, August 5th. Zacks Research lowered PACS Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 14th. Finally, Wall Street Zen cut shares of PACS Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $56.00.

PACS Group Stock Up 0.4%

Shares of PACS opened at $48.61 on Tuesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.21. PACS Group, Inc. has a 12 month low of $7.50 and a 12 month high of $49.49. The stock's 50 day moving average is $42.00 and its two-hundred day moving average is $37.93. The firm has a market cap of $7.69 billion, a P/E ratio of 28.26, a PEG ratio of 1.45 and a beta of -0.08.

PACS Group (NYSE:PACS - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.09. PACS Group had a return on equity of 29.55% and a net margin of 4.85%.The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. Analysts predict that PACS Group, Inc. will post 2.23 earnings per share 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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