663,851 Shares in PACS Group, Inc. (NYSE:PACS) Bought by Deerfield Management Company L.P. Series C

Deerfield Management Company L.P. Series C bought a new position in shares of PACS Group, Inc. (NYSE:PACS) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 663,851 shares of the company’s stock, valued at approximately $19,584,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Caas Capital Management LP bought a new stake in PACS Group in the 2nd quarter valued at approximately $1,386,000. Bank of New York Mellon Corp acquired a new position in PACS Group during the second quarter worth $2,445,000. Allspring Global Investments Holdings LLC bought a new position in PACS Group in the second quarter valued at $7,513,000. Rhumbline Advisers acquired a new stake in PACS Group in the 2nd quarter valued at $870,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in PACS Group during the 2nd quarter worth about $552,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PACS. Citigroup started coverage on PACS Group in a report on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price objective for the company. Stephens boosted their price target on PACS Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Oppenheimer increased their price objective on PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Macquarie began coverage on shares of PACS Group in a report on Friday, June 28th. They set an “outperform” rating and a $35.00 target price on the stock. Finally, Truist Financial upped their price target on shares of PACS Group from $36.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $37.57.

PACS Group Stock Down 1.4 %

Shares of PACS Group stock opened at $39.89 on Thursday. PACS Group, Inc. has a 1 year low of $22.61 and a 1 year high of $42.25. The firm’s fifty day simple moving average is $37.56. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71.

PACS Group (NYSE:PACS) last announced its earnings results on Monday, August 12th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.35 by ($0.42). The company had revenue of $981.80 million for the quarter, compared to analyst estimates of $919.22 million. The firm’s quarterly revenue was up 29.1% on a year-over-year basis. Sell-side analysts predict that PACS Group, Inc. will post 1.03 EPS for the current 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.