Bank of New York Mellon Corp Boosts Position in PACS Group, Inc. (NYSE:PACS)

Bank of New York Mellon Corp grew its holdings in shares of PACS Group, Inc. (NYSE:PACS) by 51.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 169,759 shares of the company’s stock after acquiring an additional 58,036 shares during the quarter. Bank of New York Mellon Corp’s holdings in PACS Group were worth $2,226,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new stake in PACS Group in the fourth quarter worth $300,000. Rhumbline Advisers grew its stake in PACS Group by 2.5% in the fourth quarter. Rhumbline Advisers now owns 50,540 shares of the company’s stock worth $663,000 after purchasing an additional 1,217 shares during the period. Peterson Wealth Services purchased a new stake in PACS Group in the fourth quarter worth $488,000. Savant Capital LLC purchased a new stake in PACS Group in the fourth quarter worth $142,000. Finally, Bleakley Financial Group LLC purchased a new stake in PACS Group in the fourth quarter worth $179,000.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PACS. Macquarie reduced their price target on PACS Group from $42.00 to $24.00 and set an “outperform” rating on the stock in a research note on Monday, January 6th. Truist Financial reduced their price target on PACS Group from $46.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $18.00 target price on shares of PACS Group in a report on Tuesday, December 17th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.00.

PACS Group Price Performance

PACS Group stock opened at $11.53 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.71 and a quick ratio of 1.71. The business’s fifty day simple moving average is $13.36 and its two-hundred day simple moving average is $22.48. PACS Group, Inc. has a 12 month low of $11.38 and a 12 month high of $43.92.

PACS Group 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.