PACS Group (NYSE:PACS) Shares Gap Up on Strong Earnings

PACS Group, Inc. (NYSE:PACS)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $31.90, but opened at $38.60. PACS Group shares last traded at $39.0040, with a volume of 642,771 shares changing hands.

The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.36 billion. PACS Group had a net margin of 3.62% and a return on equity of 22.55%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PACS shares. Oppenheimer lifted their price target on PACS Group from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of PACS Group in a research note on Friday, March 27th. UBS Group lifted their target price on shares of PACS Group from $42.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Royal Bank Of Canada increased their price target on shares of PACS Group from $47.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Finally, Wall Street Zen upgraded shares of PACS Group from a “hold” rating to a “buy” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $44.40.

Insider Buying and Selling

In other PACS Group news, COO Joshua Jergensen sold 36,335 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $34.28, for a total value of $1,245,563.80. Following the sale, the chief operating officer directly owned 2,667,347 shares of the company’s stock, valued at approximately $91,436,655.16. This trade represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 70.10% of the company’s stock.

Institutional Investors Weigh In On PACS Group

A number of institutional investors have recently added to or reduced their stakes in PACS. Royce & Associates LP raised its position in PACS Group by 76.6% during the third quarter. Royce & Associates LP now owns 1,859,070 shares of the company’s stock worth $25,525,000 after acquiring an additional 806,446 shares during the period. American Alpha Advisors LLC acquired a new stake in shares of PACS Group in the third quarter valued at about $686,000. Peterson Wealth Services grew its position in shares of PACS Group by 57.6% in the third quarter. Peterson Wealth Services now owns 84,028 shares of the company’s stock valued at $1,154,000 after purchasing an additional 30,701 shares during the period. Crewe Advisors LLC increased its stake in shares of PACS Group by 93.1% during the fourth quarter. Crewe Advisors LLC now owns 2,147,815 shares of the company’s stock worth $82,455,000 after purchasing an additional 1,035,747 shares in the last quarter. Finally, Fox Run Management L.L.C. increased its stake in shares of PACS Group by 216.6% during the third quarter. Fox Run Management L.L.C. now owns 36,502 shares of the company’s stock worth $501,000 after purchasing an additional 24,971 shares in the last quarter.

PACS Group Stock Performance

The stock has a market cap of $6.24 billion, a price-to-earnings ratio of 32.28, a P/E/G ratio of 1.02 and a beta of -0.03. The firm’s 50-day moving average is $34.07 and its two-hundred day moving average is $32.03. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.36.

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.