Defilade Capital Management L.P. Sells 541,305 Shares of PACS Group, Inc. $PACS

Defilade Capital Management L.P. cut its stake in shares of PACS Group, Inc. (NYSE:PACS) by 47.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 604,180 shares of the company’s stock after selling 541,305 shares during the period. PACS Group comprises about 2.7% of Defilade Capital Management L.P.’s investment portfolio, making the stock its 16th biggest position. Defilade Capital Management L.P.’s holdings in PACS Group were worth $19,406,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of PACS Group by 14.4% in the fourth 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 period. Maven Securities LTD purchased a new position in shares of PACS Group during the 4th quarter valued at about $960,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of PACS Group during the 1st quarter valued at approximately $6,762,000. Corient Private Wealth LLC grew its stake in shares of PACS Group by 29.7% during the 4th quarter. Corient Private Wealth LLC now owns 170,052 shares of the company’s stock valued at $6,528,000 after acquiring an additional 38,956 shares during the period. Finally, Principal Financial Group Inc. bought a new position in shares of PACS Group during the 1st quarter valued at approximately $3,171,000.

Wall Street Analyst Weigh In

A number of research firms have commented on PACS. Weiss Ratings upgraded shares of PACS Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 8th. Oppenheimer upped their price target on shares of PACS Group from $42.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Zacks Research cut shares of PACS Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 14th. UBS Group raised their price objective on shares of PACS Group from $50.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Finally, Wall Street Zen upgraded shares of PACS Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 15th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.60.

PACS Group Stock Up 0.2%

NYSE PACS opened at $46.12 on Monday. The stock has a 50 day moving average price of $40.94 and a 200-day moving average price of $37.61. PACS Group, Inc. has a one year low of $7.50 and a one year high of $48.00. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $7.30 billion, a P/E ratio of 29.56, a P/E/G ratio of 1.38 and a beta of -0.08.

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

Insider Activity

In related news, insider John Todd Mitchell sold 52,763 shares of the stock in a transaction 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 sale, the insider owned 830,955 shares in the company, valued at approximately $31,592,909.10. This represents a 5.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Renee Lewis sold 15,000 shares of the firm’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 sale, the chief accounting officer owned 370,338 shares of the company’s stock, valued at approximately $14,817,223.38. This represents a 3.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 796,524 shares of company stock valued at $31,611,396. 70.10% of the stock is currently 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.