BI Asset Management Fondsmaeglerselskab A S Takes Position in PACS Group, Inc. $PACS

BI Asset Management Fondsmaeglerselskab A S acquired a new stake in PACS Group, Inc. (NYSE:PACS) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 210,537 shares of the company’s stock, valued at approximately $6,762,000.

Several other hedge funds have also added to or reduced their stakes in PACS. Larson Financial Group LLC grew its stake in PACS Group by 127.0% in the fourth quarter. Larson Financial Group LLC now owns 1,094 shares of the company’s stock valued at $42,000 after acquiring an additional 612 shares during the period. Hollencrest Capital Management acquired a new position in shares of PACS Group during the fourth quarter worth about $27,000. Strategic Advocates LLC boosted its position in shares of PACS Group by 18.5% during the fourth quarter. Strategic Advocates LLC now owns 5,182 shares of the company’s stock worth $203,000 after buying an additional 808 shares during the period. Quarry LP raised its position in PACS Group by 79.5% in the 3rd quarter. Quarry LP now owns 2,388 shares of the company’s stock valued at $33,000 after buying an additional 1,058 shares during the last quarter. Finally, Mariner LLC raised its position in PACS Group by 5.5% in the 4th quarter. Mariner LLC now owns 26,319 shares of the company’s stock valued at $1,012,000 after buying an additional 1,379 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Zacks Research downgraded PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. UBS Group lifted their price objective 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. Wall Street Zen raised shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 15th. Oppenheimer raised their target price on shares of PACS Group from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of PACS Group in a research note on Friday, March 27th. Five equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, PACS Group has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

PACS Group Stock Up 0.2%

NYSE:PACS opened at $36.67 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average price is $35.91 and its two-hundred day moving average price is $36.00. PACS Group, Inc. has a twelve month low of $7.50 and a twelve month high of $43.08. The firm has a market capitalization of $5.80 billion and a price-to-earnings ratio of 23.51.

PACS Group (NYSE:PACS) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.08. PACS Group had a net margin of 4.49% and a return on equity of 26.47%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Equities research analysts expect that PACS Group, Inc. will post 2.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider John Todd Mitchell sold 52,763 shares of the business’s 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Monday, June 15th. The shares were sold at an average price of $36.34, for a total value of $5,569,250.36. Following the completion of the sale, the insider owned 54,449,343 shares in the company, valued at approximately $1,978,689,124.62. This trade represents a 0.28% decrease in their position. 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 have sold a total of 316,472 shares of company stock worth $11,575,144 over the last three months. 70.10% of the stock is owned by insiders.

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.