PACS Group (NYSE:PACS) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• PACS Group beat quarterly expectations: The company reported EPS of $0.63, exceeding the $0.54 consensus estimate, while revenue reached $1.43 billion versus expectations of $1.41 billion.
• Analysts remain broadly bullish: Price targets were raised by Truist, Oppenheimer and UBS, with UBS setting the highest target at $57. Five analysts rate the stock Buy, two rate it Hold, and the consensus rating is Moderate Buy with a $50.60 target.
• The stock is trading near its 52-week high: PACS shares rose to $44.75, compared with a 52-week range of $7.50 to $48.00. Insiders sold $31.6 million of shares during the last quarter, though 70.1% of the stock remains insider-owned.

PACS Group (NYSE:PACS - Get Free Report) issued its earnings results on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.09, FiscalAI reports. The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.41 billion. PACS Group had a net margin of 4.49% and a return on equity of 26.47%.

PACS Group Stock Performance

Shares of PACS traded up $0.25 during mid-day trading on Tuesday, reaching $44.75. 1,279,320 shares of the company's stock were exchanged, compared to its average volume of 938,041. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $7.08 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.38 and a beta of -0.08. The business's fifty day simple moving average is $41.08 and its 200-day simple moving average is $37.63. PACS Group has a 52-week low of $7.50 and a 52-week high of $48.00.

Analysts Set New Price Targets

Several brokerages recently commented on PACS. Truist Financial lifted their price target on shares of PACS Group from $50.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Oppenheimer upped their price objective on shares of PACS Group from $42.00 to $48.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Weiss Ratings raised PACS Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Wall Street Zen upgraded PACS Group from a "buy" rating to a "strong-buy" rating in a research report on Monday, June 15th. Finally, UBS Group boosted their target price on PACS Group from $50.00 to $57.00 and gave the company a "buy" rating in a report on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, PACS Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.60.

Insider Buying and Selling at PACS Group

In other PACS Group news, CAO Michelle Renee Lewis sold 4,137 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $45.04, for a total transaction of $186,330.48. Following the transaction, the chief accounting officer directly owned 355,338 shares of the company's stock, valued at approximately $16,004,423.52. This trade represents a 1.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Hancock sold 4,966 shares of PACS Group stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $45.06, for a total transaction of $223,767.96. Following the completion of the transaction, the director owned 53,920,512 shares in the company, valued at approximately $2,429,658,270.72. This represents a 0.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 796,524 shares of company stock valued at $31,611,396. 70.10% of the stock is owned by insiders.

Institutional Investors Weigh In On PACS Group

Several hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management purchased a new position in shares of PACS Group during the fourth quarter worth about $27,000. Quarry LP raised its stake in PACS Group by 79.5% during the 3rd quarter. Quarry LP now owns 2,388 shares of the company's stock valued at $33,000 after acquiring an additional 1,058 shares during the last quarter. Commerce Bank acquired a new stake in PACS Group during the 4th quarter worth approximately $207,000. Rothschild Wealth LLC acquired a new stake in PACS Group during the 4th quarter worth approximately $213,000. Finally, Jones Financial Companies Lllp acquired a new stake in PACS Group during the 1st quarter worth approximately $64,000.

About PACS Group

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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