LMR Partners LLP Reduces Stake in PACS Group, Inc. (NYSE:PACS)

LMR Partners LLP cut its stake in PACS Group, Inc. (NYSE:PACS) by 31.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,882 shares of the company’s stock after selling 28,992 shares during the quarter. LMR Partners LLP’s holdings in PACS Group were worth $2,553,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Deerfield Management Company L.P. Series C acquired a new position in PACS Group in the 2nd quarter valued at $19,584,000. Royce & Associates LP grew its holdings in shares of PACS Group by 2.2% during the 3rd quarter. Royce & Associates LP now owns 465,198 shares of the company’s stock worth $18,594,000 after purchasing an additional 10,002 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of PACS Group by 48.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 378,325 shares of the company’s stock worth $15,122,000 after purchasing an additional 123,654 shares during the period. Lighthouse Investment Partners LLC purchased a new position in PACS Group during the 2nd quarter valued at about $8,946,000. Finally, Millennium Management LLC purchased a new position in PACS Group during the 2nd quarter valued at about $8,905,000.

Analyst Ratings Changes

A number of research firms have issued reports on PACS. Citigroup initiated coverage on PACS Group in a research report on Wednesday, September 11th. They issued a “buy” rating and a $45.00 price target on the stock. Stephens cut their target price on PACS Group from $48.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday. Truist Financial raised their price target on PACS Group from $44.00 to $46.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Oppenheimer lifted their target price on PACS Group from $32.00 to $40.00 and gave the company an “outperform” rating in a research note on Tuesday, August 13th. Finally, UBS Group initiated coverage on PACS Group in a research note on Wednesday, October 9th. They issued a “buy” rating and a $50.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $39.88.

PACS Group Stock Performance

NYSE:PACS opened at $16.93 on Tuesday. 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 one year low of $16.58 and a one year high of $43.92. The business’s 50-day simple moving average is $36.69 and its 200 day simple moving average is $33.71.

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.