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% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 owned about 0.11% of PACS Group worth $2,226,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Barclays PLC boosted its position in shares of PACS Group by 651.3% during the 3rd quarter. Barclays PLC now owns 63,366 shares of the company’s stock valued at $2,532,000 after acquiring an additional 54,932 shares during the last quarter. Concentric Capital Strategies LP bought a new stake in PACS Group in the 3rd quarter worth approximately $3,970,000. Maven Securities LTD bought a new stake in PACS Group in the 3rd quarter worth approximately $3,997,000. Wellington Management Group LLP lifted its position in PACS Group by 60.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,376,551 shares of the company’s stock worth $214,901,000 after buying an additional 2,025,835 shares during the last quarter. Finally, Soros Fund Management LLC lifted its position in PACS Group by 233.3% in the 3rd quarter. Soros Fund Management LLC now owns 500,000 shares of the company’s stock worth $19,985,000 after buying an additional 350,000 shares during the last quarter.

PACS Group Stock Performance

Shares of PACS stock opened at $11.53 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.71 and a debt-to-equity ratio of 0.82. PACS Group, Inc. has a fifty-two week low of $11.38 and a fifty-two week high of $43.92. The stock has a 50 day moving average price of $13.36 and a two-hundred day moving average price of $22.48.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PACS shares. Macquarie dropped their target price on PACS Group from $42.00 to $24.00 and set an “outperform” rating for the company in a research report on Monday, January 6th. Truist Financial dropped their target price on PACS Group from $46.00 to $32.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $18.00 target price on shares of PACS Group in a research report on Tuesday, December 17th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

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.