The Manufacturers Life Insurance Company Purchases New Shares in PACS Group, Inc. (NYSE:PACS)

The Manufacturers Life Insurance Company acquired a new position in shares of PACS Group, Inc. (NYSE:PACS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,222 shares of the company’s stock, valued at approximately $302,000.

Other institutional investors have also recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of PACS Group during the second quarter valued at about $25,000. Sandia Investment Management LP bought a new position in shares of PACS Group during the 2nd quarter worth approximately $295,000. Oppenheimer Asset Management Inc. bought a new position in shares of PACS Group during the 2nd quarter worth approximately $552,000. Marshall Wace LLP purchased a new position in shares of PACS Group in the 2nd quarter worth approximately $733,000. Finally, Point72 DIFC Ltd bought a new position in shares of PACS Group in the second quarter valued at approximately $831,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PACS shares. Oppenheimer lifted their target price on PACS Group from $32.00 to $40.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. Stephens raised their target price on PACS Group from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. UBS Group initiated coverage on PACS Group in a research report on Wednesday, October 9th. They set a “buy” rating and a $50.00 price target on the stock. Citigroup began 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. Finally, Macquarie began 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. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $39.38.

PACS Group Stock Performance

Shares of NYSE PACS opened at $41.35 on Friday. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.82. PACS Group, Inc. has a 52 week low of $22.61 and a 52 week high of $42.46. The business has a 50-day moving average of $39.30.

PACS Group (NYSE:PACS) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates 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. PACS Group’s revenue for the quarter was up 29.1% compared to the same quarter last year. On average, equities research analysts expect that PACS Group, Inc. will post 1.03 EPS for the current fiscal 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.