Squarepoint Ops LLC Increases Stock Position in PACS Group, Inc. $PACS

Key Points

• Squarepoint Ops LLC nearly doubled its PACS Group position by 94.7% in the second quarter, purchasing 28,945 additional shares for a total stake valued at approximately $2.54 million.
• Analyst sentiment remains positive overall, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $58.80, above the reported $44.71 share price.
• PACS Group exceeded quarterly expectations, reporting $0.63 in earnings per share versus a $0.54 estimate and $1.43 billion in revenue; however, insiders sold more than $47 million in shares over the past 90 days.

Squarepoint Ops LLC raised its stake in PACS Group, Inc. (NYSE:PACS - Free Report) by 94.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,523 shares of the company's stock after buying an additional 28,945 shares during the period. Squarepoint Ops LLC's holdings in PACS Group were worth $2,538,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in shares of PACS Group during the 1st quarter valued at about $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 acquiring an additional 1,443 shares during the last quarter. Millennium Management LLC grew 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 acquiring an additional 348,743 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of PACS Group during the first quarter worth approximately $64,000. Finally, Caxton Associates LLP purchased a new position in shares of PACS Group during the first quarter worth approximately $163,000.

Insiders Place Their Bets

In other PACS Group news, CEO Jason Murray sold 4,758 shares of the stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $43.33, for a total value of $206,164.14. Following the completion of the transaction, the chief executive officer owned 54,574,866 shares in the company, valued at approximately $2,364,728,943.78. This represents a 0.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,109,784 shares of company stock valued at $47,030,749 over the last 90 days. 70.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PACS. Weiss Ratings downgraded shares of PACS Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. Zacks Research cut shares of PACS Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 9th. Royal Bank Of Canada upped their price objective on shares of PACS Group from $52.00 to $57.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. UBS Group increased their target price on shares of PACS Group from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Wall Street Zen cut PACS Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 8th. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, PACS Group has a consensus rating of "Moderate Buy" and an average price target of $58.80.

PACS Group Price Performance

Shares of NYSE PACS opened at $44.71 on Monday. PACS Group, Inc. has a 1 year low of $8.98 and a 1 year high of $49.49. The stock has a market capitalization of $7.08 billion, a P/E ratio of 25.99, a P/E/G ratio of 1.40 and a beta of -0.13. The company's 50-day moving average is $44.74 and its 200 day moving average is $39.08. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.91 and a quick ratio of 0.91.

PACS Group (NYSE:PACS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $1.41 billion. On average, sell-side analysts expect that PACS Group, Inc. will post 2.13 earnings per share for the current year.

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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