PACS Group (NYSE:PACS) Stock Price Down 6.1% on Analyst Downgrade

PACS Group, Inc. (NYSE:PACS) shares traded down 6.1% during mid-day trading on Wednesday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $29.64 and last traded at $29.5460. 718,377 shares changed hands during mid-day trading, a decline of 16% from the average session volume of 852,036 shares. The stock had previously closed at $31.47.

Other analysts have also recently issued reports about the company. Wall Street Zen cut PACS Group from a “buy” rating to a “hold” rating in a research report on Sunday, November 30th. Royal Bank Of Canada lifted their price target on PACS Group from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PACS Group in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.75.

Insider Buying and Selling

In other news, insider John Todd Mitchell sold 159,556 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $29.89, for a total transaction of $4,769,128.84. Following the completion of the transaction, the insider directly owned 755,836 shares in the company, valued at $22,591,938.04. This trade represents a 17.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Evelyn S. Dilsaver bought 16,724 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was purchased at an average cost of $29.90 per share, with a total value of $500,047.60. Following the completion of the acquisition, the director directly owned 22,739 shares of the company’s stock, valued at approximately $679,896.10. The trade was a 278.04% increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On PACS Group

Several hedge funds and other institutional investors have recently modified their holdings of PACS. Quarry LP grew its holdings in shares of PACS Group by 79.5% in the third quarter. Quarry LP now owns 2,388 shares of the company’s stock worth $33,000 after acquiring an additional 1,058 shares during the period. Strategic Advocates LLC purchased a new position in PACS Group in the third quarter worth about $60,000. Jones Financial Companies Lllp bought a new stake in shares of PACS Group during the 1st quarter valued at about $64,000. State of Alaska Department of Revenue bought a new position in shares of PACS Group in the 3rd quarter worth approximately $69,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of PACS Group by 289.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,166 shares of the company’s stock worth $80,000 after purchasing an additional 4,581 shares during the period.

PACS Group Stock Performance

The company has a market cap of $4.82 billion, a PE ratio of 29.29, a P/E/G ratio of 1.36 and a beta of -0.63. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $16.87 and its 200-day moving average is $13.34.

PACS Group (NYSE:PACS) last issued its quarterly earnings results on Wednesday, November 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.36). PACS Group had a return on equity of 21.39% and a net margin of 3.29%.The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.11 billion. As a group, research analysts predict that PACS Group, Inc. will post 1.01 EPS for the current fiscal year.

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.