Geode Capital Management Boosts Stake in PACS Group, Inc.

Geode Capital Management LLC has significantly increased its investment in PACS Group, Inc. (NYSE:PACS) by 65.2% during the third quarter of this year. According to their latest 13F filing with the Securities and Exchange Commission, Geode now holds 834,440 shares of PACS Group's stock after acquiring an additional 329,288 shares during this period. The current ownership stakes are valued at approximately $33.36 million, representing about 0.55% of the company's total shares.

Other major investors have also taken steps to adjust their positions in PACS Group. For instance, Amalgamated Bank raised its holdings by 56.7%, now owning 1,349 shares valued at $54,000 after purchasing an extra 488 shares last quarter. Additionally, Whittier Trust Co. increased its stake in PACS Group by an impressive 152.2%, owning 1,382 shares now worth $55,000 after an acquisition of 834 shares. Crewe Advisors LLC entered the scene by acquiring a new stake valued at $66,000 during the same period. US Bancorp DE also boosted its shares by 56.2%, owning 6,681 shares worth $267,000 after an increase of 2,404 shares. Lastly, The Manufacturers Life Insurance Company raised its investment by 45.6%, now controlling 14,882 shares valued at $595,000 after purchasing an extra 4,660 shares.

PACS Group Stock Performance

PACS Group's stock opened at $13.09 recently. The company maintains a current ratio and quick ratio both at 1.71, with a debt-to-equity ratio of 0.82. The shares have demonstrated a 50-day moving average price of $23.55 alongside a two-hundred day moving average price of $31.31. Over the past twelve months, PACS Group has reached a low of $12.71 and a high of $43.92.

Analyst Ratings Overview

Several analysts have recently focused on PACS Group, providing mixed ratings. Citigroup initiated coverage on the stock with a "buy" rating and set a target price of $45.00 on September 11th. On the other hand, JPMorgan Chase & Co. maintained a "neutral" rating with a target price of $18.00 in a report dated December 17th. Truist Financial raised their price target from $44.00 to $46.00 while also rating the stock as a "buy" on October 14th. In contrast, analysts from Stephens revised their price target from $48.00 to $31.00 while maintaining an "overweight" rating on November 18th. Furthermore, UBS Group began covering PACS Group on October 9th, issuing a "buy" rating with a target price of $50.00. Currently, one analyst has a hold rating on the stock while seven others have issued buy ratings, leading to a consensus rating classified as a "Moderate Buy" with an average target price of $37.13 according to MarketBeat.com.

Company Background of PACS Group

PACS Group, Inc. operates skilled nursing and assisted living facilities throughout the United States. The firm also provides senior care as well as independent living services. Founded in 2013 and headquartered in Farmington, Utah, the company specializes in the acquisition, ownership, and leasing of healthcare-related properties.

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