Macquarie Has Lowered Expectations for PACS Group (NYSE:PACS) Stock Price

PACS Group (NYSE:PACS) had its target price lowered by equities research analysts at Macquarie from $42.00 to $24.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price target would suggest a potential upside of 81.00% from the stock’s previous close.

A number of other brokerages have also recently issued reports on PACS. UBS Group assumed coverage on shares of PACS Group in a research note on Wednesday, October 9th. They issued a “buy” rating and a $50.00 price objective on the stock. Citigroup started coverage on PACS Group in a report on Wednesday, September 11th. They set a “buy” rating and a $45.00 price target for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $18.00 price objective on shares of PACS Group in a research note on Tuesday, December 17th. Truist Financial dropped their target price on shares of PACS Group from $46.00 to $32.00 and set a “buy” rating for the company in a report on Monday. Finally, Stephens decreased their price target on shares of PACS Group from $48.00 to $31.00 and set an “overweight” rating on the stock in a report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

PACS Group Stock Down 0.7 %

PACS stock opened at $13.26 on Monday. The company’s 50-day moving average price is $18.41 and its two-hundred day moving average price is $30.26. 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 has a 12 month low of $12.54 and a 12 month high of $43.92.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its holdings in PACS Group by 5.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,272,720 shares of the company’s stock worth $50,871,000 after buying an additional 70,786 shares during the period. Virtu Financial LLC bought a new position in shares of PACS Group during the third quarter worth about $472,000. Geode Capital Management LLC lifted its stake in shares of PACS Group by 65.2% in the third quarter. Geode Capital Management LLC now owns 834,440 shares of the company’s stock worth $33,359,000 after acquiring an additional 329,288 shares during the period. Barclays PLC boosted its holdings in PACS Group by 651.3% in the third 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. Finally, Zimmer Partners LP increased its position in PACS Group by 191.2% during the 3rd quarter. Zimmer Partners LP now owns 2,329,529 shares of the company’s stock valued at $93,111,000 after purchasing an additional 1,529,529 shares during the period.

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.