Wellington Management Group LLP Sells 19,168 Shares of PACS Group, Inc. $PACS

Wellington Management Group LLP decreased its position in shares of PACS Group, Inc. (NYSE:PACS) by 2.8% in the second quarter, HoldingsChannel reports. The firm owned 664,861 shares of the company’s stock after selling 19,168 shares during the quarter. Wellington Management Group LLP’s holdings in PACS Group were worth $28,350,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in PACS Group by 14.4% during the fourth quarter. Vanguard Group Inc. now owns 4,506,227 shares of the company’s stock valued at $172,994,000 after buying an additional 566,502 shares during the last quarter. Principal Financial Group Inc. bought a new stake in PACS Group in the 1st quarter worth approximately $3,171,000. Smith Group Asset Management LLC purchased a new stake in shares of PACS Group during the 1st quarter worth approximately $771,000. Maven Securities LTD purchased a new stake in shares of PACS Group during the 4th quarter worth approximately $960,000. Finally, 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.

Insider Transactions at PACS Group

In related news, COO Joshua Jergensen sold 40,000 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $45.59, for a total value of $1,823,600.00. Following the sale, the chief operating officer directly owned 2,536,320 shares of the company’s stock, valued at $115,630,828.80. This represents a 1.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Hancock sold 4,966 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $45.06, for a total transaction of $223,767.96. Following the completion of the sale, the director directly owned 53,920,512 shares of the company’s stock, valued at approximately $2,429,658,270.72. The trade was a 0.01% decrease in their position. 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 sold 1,211,151 shares of company stock worth $50,362,653. 70.10% of the stock is currently owned by insiders.

PACS Group Stock Performance

NYSE:PACS opened at $42.54 on Friday. The firm has a market capitalization of $6.73 billion, a PE ratio of 24.73, a PEG ratio of 1.22 and a beta of -0.13. The stock’s fifty day moving average is $44.66 and its 200 day moving average is $38.92. PACS Group, Inc. has a fifty-two week low of $7.50 and a fifty-two week high of $49.49. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.91 and a current ratio of 0.91.

PACS Group (NYSE:PACS) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.54 by $0.09. PACS Group had a net margin of 4.85% and a return on equity of 29.55%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.41 billion. On average, sell-side analysts anticipate that PACS Group, Inc. will post 2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PACS. Royal Bank Of Canada raised their target price on shares of PACS Group from $52.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Wall Street Zen lowered shares of PACS Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 8th. Zacks Research raised shares of PACS Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Weiss Ratings downgraded shares of PACS Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. lifted their price target on PACS Group from $47.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $58.80.

Trending Headlines about PACS Group

Here are the key news stories impacting PACS Group this week:

• Positive Sentiment: JPMorgan raised its price target to $58. JPMorgan Chase upgraded PACS to “overweight” from its prior stance and increased its target from $47, implying substantial upside from recent trading levels. The revision adds to a generally favorable analyst outlook for the skilled-nursing operator.
• Positive Sentiment: Florida expansion broadens PACS’s operating footprint. The company plans to enter Florida through the acquisition of 32 nursing facilities, giving it a presence in a new state and potentially creating additional revenue and operating-scale opportunities. PACS Group Florida expansion and Eduro closings
• Positive Sentiment: Eduro acquisition progress supports growth. PACS has closed on 31 of 34 Eduro buildings, advancing its acquisition-led expansion strategy. UBS characterized the Florida transaction as supportive of the company’s broader market expansion plans. PACS Group Eduro acquisition update
• Neutral Sentiment: CEO selling appears planned rather than discretionary. CEO Jason Murray sold a combined 68,113 shares for approximately $2.9 million from September 1–3. The transactions were conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only about 0.12%, limiting their significance as a bearish signal. He still owns roughly 54.6 million shares. PACS Group CEO SEC Form 4 filing

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.