Wellington Management Group LLP Has $3.48 Million Holdings in The Pennant Group, Inc. $PNTG

Key Points

• Wellington Management Group LLP increased its stake in The Pennant Group by 183.4% in Q1, acquiring an additional 89,572 shares to reach a total of 138,425 shares, valued at approximately $3.48 million.
• Analysts have varied sentiments on The Pennant Group, with three ratings classified as "Buy," and a consensus price target of $33.40, indicating positive growth expectations.
• The Pennant Group operates in the healthcare sector, specifically providing home health and hospice services across the United States, highlighting the company's role in a vital industry.

Wellington Management Group LLP raised its stake in The Pennant Group, Inc. (NASDAQ:PNTG - Free Report) by 183.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,425 shares of the company's stock after buying an additional 89,572 shares during the quarter. Wellington Management Group LLP owned approximately 0.40% of The Pennant Group worth $3,481,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNTG. Van Berkom & Associates Inc. increased its position in shares of The Pennant Group by 29.6% during the first quarter. Van Berkom & Associates Inc. now owns 2,849,562 shares of the company's stock valued at $71,666,000 after acquiring an additional 651,346 shares during the last quarter. Nuveen LLC acquired a new stake in The Pennant Group in the first quarter valued at $9,181,000. Millennium Management LLC lifted its holdings in The Pennant Group by 1,274.9% during the 4th quarter. Millennium Management LLC now owns 181,767 shares of the company's stock worth $4,820,000 after buying an additional 168,547 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of The Pennant Group in the 4th quarter valued at about $3,978,000. Finally, Nuveen Asset Management LLC raised its holdings in The Pennant Group by 29.7% during the fourth quarter. Nuveen Asset Management LLC now owns 457,364 shares of the company's stock worth $12,129,000 after purchasing an additional 104,697 shares in the last quarter. Hedge funds and other institutional investors own 85.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wells Fargo & Company reduced their price objective on The Pennant Group from $31.00 to $29.00 and set an "equal weight" rating for the company in a research note on Thursday, August 14th. Truist Financial lowered their price target on The Pennant Group from $32.00 to $28.00 and set a "hold" rating on the stock in a report on Wednesday, July 16th. Stephens restated an "overweight" rating and set a $40.00 price objective on shares of The Pennant Group in a research report on Thursday. Finally, Wall Street Zen raised The Pennant Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $34.40.

The Pennant Group Stock Down 2.5%

Shares of The Pennant Group stock traded down $0.61 during trading hours on Thursday, hitting $24.08. 307,910 shares of the company's stock traded hands, compared to its average volume of 448,461. The Pennant Group, Inc. has a twelve month low of $21.18 and a twelve month high of $37.13. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.11. The company has a market cap of $832.20 million, a PE ratio of 30.87, a PEG ratio of 2.03 and a beta of 1.31. The stock has a 50 day simple moving average of $24.65 and a 200-day simple moving average of $25.75.

The Pennant Group Profile

The Pennant Group, Inc provides healthcare services in the United States. It operates in two segments, Home Health and Hospice Services, and Senior Living Services. The company offers home health services, including clinical services, such as nursing, speech, occupational and physical therapy, medical social work, and home health aide services; and hospice services comprising clinical care, education, and counseling services for the physical, spiritual, and psychosocial needs of terminally ill patients and their families.