Truist Financial Issues Positive Forecast for PACS Group (NYSE:PACS) Stock Price

Key Points

• Truist Financial raised its PACS Group price target to $62 from $52 and maintained a “buy” rating, implying approximately 32.2% upside from the stock’s $46.90 price.
• PACS Group reported quarterly earnings of $0.63 per share, exceeding the $0.54 consensus estimate, while revenue of $1.43 billion also topped expectations.
• Analyst sentiment remains positive overall, with five buy ratings and two hold ratings, producing a “Moderate Buy” consensus and an average price target of $53.20.

PACS Group (NYSE:PACS - Get Free Report) had its target price raised by investment analysts at Truist Financial from $52.00 to $62.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price would suggest a potential upside of 32.20% from the stock's current price.

A number of other equities research analysts have also issued reports on PACS. Wall Street Zen upgraded PACS Group from a "buy" rating to a "strong-buy" rating in a research report on Monday, June 15th. Weiss Ratings upgraded shares of PACS Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, July 8th. Zacks Research lowered shares of PACS Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 14th. UBS Group reissued a "buy" rating and set a $60.00 target price on shares of PACS Group in a research note on Thursday. Finally, Oppenheimer lifted their target price on shares of PACS Group from $42.00 to $48.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, PACS Group presently has an average rating of "Moderate Buy" and an average target price of $53.20.

PACS Group Price Performance

PACS Group stock traded up $1.26 during trading on Thursday, reaching $46.90. The company had a trading volume of 395,237 shares, compared to its average volume of 943,645. The firm's 50-day simple moving average is $41.32 and its 200 day simple moving average is $37.71. PACS Group has a 1-year low of $7.50 and a 1-year high of $49.49. The firm has a market capitalization of $7.42 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 1.34 and a beta of -0.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99.

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 for the quarter, compared to analyst estimates of $1.41 billion. PACS Group had a net margin of 4.85% and a return on equity of 30.77%. As a group, equities research analysts anticipate that PACS Group will post 2.23 earnings per share for the current fiscal year.

Insider Transactions at PACS Group

In other PACS Group news, CAO Michelle Renee Lewis sold 15,000 shares of the business's stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $40.01, for a total value of $600,150.00. Following the completion of the transaction, the chief accounting officer directly owned 370,338 shares in the company, valued at approximately $14,817,223.38. The trade was a 3.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Todd Mitchell sold 52,763 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $38.02, for a total transaction of $2,006,049.26. Following the completion of the sale, the insider 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. 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. Over the last ninety days, insiders have sold 796,524 shares of company stock worth $31,611,396. Insiders own 70.10% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in PACS Group by 14.4% during the 4th quarter. Vanguard Group Inc. now owns 4,506,227 shares of the company's stock worth $172,994,000 after buying an additional 566,502 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in PACS Group by 159.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,250,007 shares of the company's stock worth $86,378,000 after purchasing an additional 1,382,984 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of PACS Group by 67.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,356,240 shares of the company's stock worth $18,621,000 after acquiring an additional 545,348 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of PACS Group by 19.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,350,551 shares of the company's stock valued at $18,543,000 after purchasing an additional 220,939 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in PACS Group by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,020,636 shares of the company's stock worth $39,189,000 after purchasing an additional 24,081 shares in the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source