PACS Group, Inc. $PACS Stake Increased by Vanguard Group Inc.

Key Points

• Vanguard Group boosted its PACS Group stake by 14.4% in the fourth quarter, bringing its holdings to 4.51 million shares worth about $173 million.
• Several other institutional investors also adjusted their PACS positions, including Millennium Management, which increased its stake sharply, while others initiated new positions.
• Wall Street sentiment remains positive overall, with PACS carrying a consensus Buy rating and an average price target of $44.40, even as insider COO Joshua Jergensen sold a small portion of his holdings.

Vanguard Group Inc. increased its position in shares of PACS Group, Inc. (NYSE:PACS - Free Report) by 14.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,506,227 shares of the company's stock after acquiring an additional 566,502 shares during the period. Vanguard Group Inc. owned about 2.88% of PACS Group worth $172,994,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PACS. Cubist Systematic Strategies LLC purchased a new stake in shares of PACS Group during the first quarter worth $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of 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 worth $262,000 after acquiring an additional 1,443 shares in the last quarter. Millennium Management LLC raised its holdings in shares of PACS Group by 68.3% during the first quarter. Millennium Management LLC now owns 859,295 shares of the company's stock worth $9,658,000 after acquiring an additional 348,743 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of PACS Group during the first quarter worth $64,000. Finally, Caxton Associates LLP purchased a new stake in shares of PACS Group during the first quarter worth $163,000.

PACS Group Price Performance

NYSE PACS opened at $33.59 on Monday. PACS Group, Inc. has a fifty-two week low of $7.50 and a fifty-two week high of $43.08. The stock's 50-day moving average is $34.37 and its two-hundred day moving average is $31.74. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $5.28 billion, a P/E ratio of 27.31, a price-to-earnings-growth ratio of 1.02 and a beta of -0.03.

Wall Street Analysts Forecast Growth

PACS has been the subject of several recent research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of PACS Group in a report on Friday, March 27th. Oppenheimer increased their price objective on PACS Group from $40.00 to $42.00 and gave the stock an "outperform" rating in a report on Wednesday, March 4th. UBS Group increased their price objective on PACS Group from $42.00 to $44.00 and gave the stock a "buy" rating in a report on Wednesday, March 4th. Royal Bank Of Canada increased their price objective on PACS Group from $47.00 to $52.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. Finally, Zacks Research upgraded PACS Group from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, PACS Group presently has a consensus rating of "Buy" and an average price target of $44.40.

Insiders Place Their Bets

In other PACS Group news, COO Joshua Jergensen sold 36,335 shares of the firm's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $34.28, for a total transaction of $1,245,563.80. Following the transaction, the chief operating officer directly owned 2,667,347 shares in the company, valued at $91,436,655.16. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 70.10% of the stock is currently owned by company insiders.

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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