Assenagon Asset Management S.A. Buys New Stake in PACS Group, Inc. (NYSE:PACS)

Assenagon Asset Management S.A. purchased a new position in shares of PACS Group, Inc. (NYSE:PACS) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 58,862 shares of the company’s stock, valued at approximately $772,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in shares of PACS Group by 5.9% during the third quarter. JPMorgan Chase & Co. now owns 1,272,720 shares of the company’s stock valued at $50,871,000 after purchasing an additional 70,786 shares in the last quarter. Virtu Financial LLC acquired a new position in PACS Group during the 3rd quarter valued at about $472,000. Geode Capital Management LLC increased its stake in PACS Group by 65.2% during the 3rd quarter. Geode Capital Management LLC now owns 834,440 shares of the company’s stock valued at $33,359,000 after buying an additional 329,288 shares during the period. Barclays PLC lifted its stake in shares of PACS Group by 651.3% in the 3rd quarter. Barclays PLC now owns 63,366 shares of the company’s stock worth $2,532,000 after acquiring an additional 54,932 shares during the period. Finally, Zimmer Partners LP boosted its holdings in shares of PACS Group by 191.2% in the third quarter. Zimmer Partners LP now owns 2,329,529 shares of the company’s stock valued at $93,111,000 after acquiring an additional 1,529,529 shares in the last quarter.

PACS Group Price Performance

Shares of NYSE PACS opened at $14.25 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 12 month low of $12.54 and a 12 month high of $43.92. The business has a fifty day simple moving average of $14.46 and a 200-day simple moving average of $28.70.

Wall Street Analyst Weigh In

PACS has been the topic of several recent analyst reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $18.00 target price on shares of PACS Group in a report on Tuesday, December 17th. Macquarie lowered their price target on PACS Group from $42.00 to $24.00 and set an “outperform” rating on the stock in a research report on Monday, January 6th. Stephens cut their price objective on PACS Group from $48.00 to $31.00 and set an “overweight” rating for the company in a report on Monday, November 18th. UBS Group started coverage on PACS Group in a research note on Wednesday, October 9th. They set a “buy” rating and a $50.00 target price for the company. Finally, Truist Financial dropped their price target on shares of PACS Group from $46.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.00.

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.