First Trust Advisors LP Sells 21,544 Shares of PACS Group, Inc. $PACS

First Trust Advisors LP lessened its holdings in PACS Group, Inc. (NYSE:PACS) by 51.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,944 shares of the company’s stock after selling 21,544 shares during the period. First Trust Advisors LP’s holdings in PACS Group were worth $641,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PACS. Cubist Systematic Strategies LLC acquired a new stake in PACS Group during the first quarter valued at approximately $198,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of PACS Group by 6.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,280 shares of the company’s stock worth $262,000 after buying an additional 1,443 shares in the last quarter. Millennium Management LLC raised its holdings in shares of PACS Group by 68.3% in the 1st quarter. Millennium Management LLC now owns 859,295 shares of the company’s stock worth $9,658,000 after buying an additional 348,743 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of PACS Group during the 1st quarter worth approximately $64,000. Finally, Caxton Associates LLP bought a new position in shares of PACS Group during the 1st quarter worth approximately $163,000.

PACS Group Price Performance

PACS Group stock opened at $45.11 on Wednesday. The business’s 50-day simple moving average is $42.16 and its 200 day simple moving average is $37.99. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 26.23, a P/E/G ratio of 1.45 and a beta of -0.08. PACS Group, Inc. has a 12-month low of $7.50 and a 12-month high of $49.49. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.21.

PACS Group (NYSE:PACS) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.09. PACS Group had a return on equity of 29.55% and a net margin of 4.85%.The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, research analysts anticipate that PACS Group, Inc. will post 2.23 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Zacks Research cut PACS Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 14th. Oppenheimer lifted their price objective on PACS Group from $48.00 to $57.00 and gave the company an “outperform” rating in a report on Monday. UBS Group lifted their price objective on PACS Group from $57.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wall Street Zen downgraded shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings lowered shares of PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.00.

Insider Activity at PACS Group

In other news, Director Mark Hancock sold 4,966 shares of PACS Group stock in a transaction that occurred 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 sale, the director owned 53,920,512 shares in the company, valued at $2,429,658,270.72. The trade was a 0.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 4,137 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $45.04, for a total transaction of $186,330.48. Following the sale, 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 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 have sold 796,524 shares of company stock valued at $31,611,396. 70.10% of the stock is owned by corporate insiders.

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.