Oppenheimer Asset Management Inc. Buys New Holdings in PACS Group, Inc. (NYSE:PACS)

Oppenheimer Asset Management Inc. purchased a new position in PACS Group, Inc. (NYSE:PACS) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,704 shares of the company’s stock, valued at approximately $552,000.

A number of other hedge funds have also recently added to or reduced their stakes in PACS. Allspring Global Investments Holdings LLC acquired a new position in shares of PACS Group during the second quarter valued at about $7,513,000. Bank of New York Mellon Corp acquired a new position in PACS Group during the 2nd quarter valued at about $2,445,000. Caas Capital Management LP bought a new stake in PACS Group during the 2nd quarter worth approximately $1,386,000. Finally, Rhumbline Advisers purchased a new stake in shares of PACS Group in the second quarter worth approximately $870,000.

PACS Group Stock Performance

NYSE PACS opened at $40.77 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. PACS Group, Inc. has a 52-week low of $22.61 and a 52-week high of $42.25. The stock’s 50-day moving average is $37.10.

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

Analyst Upgrades and Downgrades

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

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.