PACS Group (NYSE:PACS) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded PACS Group to “strong buy” from “hold.” The stock has a consensus “buy” rating and a consensus price target of $56, according to MarketBeat.
• PACS Group recently reported quarterly adjusted earnings of $0.63 per share, exceeding estimates of $0.54, while revenue of $1.43 billion also topped expectations.
• Shares opened at $45.11 after falling 6.9%; analyst price targets range as high as $62. Insiders sold approximately $31.6 million of stock during the last quarter, while insiders still own 70.1% of the company.

PACS Group (NYSE:PACS - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on PACS. Weiss Ratings cut shares of PACS Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. Wall Street Zen cut PACS Group from a "strong-buy" rating to a "buy" rating in a report on Saturday. UBS Group lifted their price objective on PACS Group from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. 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 research report on Thursday, August 6th. Finally, Truist Financial upped their target price on PACS Group from $52.00 to $62.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $56.00.

PACS Group Trading Down 6.9%

Shares of PACS Group stock opened at $45.11 on Monday. PACS Group has a 1 year low of $7.50 and a 1 year high of $49.49. The company's fifty day simple moving average is $42.16 and its 200-day simple moving average is $37.99. The company has a market cap of $7.14 billion, a price-to-earnings ratio of 26.23, a PEG ratio of 1.45 and a beta of -0.08. 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 (NYSE:PACS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.54 by $0.09. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.41 billion. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. As a group, sell-side analysts expect that PACS Group will post 2.23 EPS for the current year.

Insiders Place Their Bets

In other PACS Group news, insider John Todd Mitchell sold 52,763 shares of PACS Group stock in a transaction that occurred 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 sale, the insider directly owned 830,955 shares of the company's stock, valued at approximately $31,592,909.10. The trade was a 5.97% 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. Also, insider Mark Hancock sold 153,254 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the transaction, the insider directly owned 54,449,343 shares of the company's stock, valued at approximately $1,978,689,124.62. The trade was a 0.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 796,524 shares of company stock worth $31,611,396 over the last quarter. Company insiders own 70.10% of the company's stock.

Institutional Investors Weigh In On PACS Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. increased its position in shares of PACS Group by 54.9% during the 2nd quarter. Financial Management Professionals Inc. now owns 663 shares of the company's stock worth $28,000 after purchasing an additional 235 shares in the last quarter. Hollencrest Capital Management bought a new stake in PACS Group during the fourth quarter worth about $27,000. Larson Financial Group LLC increased its holdings in shares of PACS Group by 127.0% during the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company's stock worth $42,000 after buying an additional 612 shares in the last quarter. KBC Group NV acquired a new stake in shares of PACS Group during the first quarter worth approximately $42,000. Finally, Western Wealth Management LLC bought a new position in shares of PACS Group in the first quarter valued at approximately $48,000.

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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