Medpace (NASDAQ:MEDP) Releases Earnings Results, Beats Expectations By $0.75 EPS

Medpace (NASDAQ:MEDP) released its earnings results on Monday. The company reported $3.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.75, Briefing.com reports. The company had revenue of $511.00 million during the quarter, compared to analyst estimates of $512.39 million. Medpace had a return on equity of 63.98% and a net margin of 15.00%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.27 earnings per share. Medpace updated its FY24 guidance to $10.79-11.47 EPS and its FY 2024 guidance to 10.790-11.470 EPS.

Medpace Stock Performance

Shares of NASDAQ:MEDP opened at $376.26 on Tuesday. The company has a market cap of $11.66 billion, a P/E ratio of 42.37, a P/E/G ratio of 1.97 and a beta of 1.38. The stock’s 50-day moving average is $396.82 and its 200-day moving average is $322.00. Medpace has a 52-week low of $187.03 and a 52-week high of $419.42.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MEDP. StockNews.com lowered Medpace from a “buy” rating to a “hold” rating in a report on Saturday, March 23rd. Deutsche Bank Aktiengesellschaft initiated coverage on Medpace in a report on Monday, March 18th. They set a “hold” rating and a $395.00 price objective for the company. Jefferies Financial Group upgraded Medpace from a “hold” rating to a “buy” rating and raised their target price for the company from $340.00 to $450.00 in a report on Tuesday. UBS Group upgraded Medpace from a “neutral” rating to a “buy” rating and raised their target price for the company from $282.00 to $452.00 in a report on Thursday, February 15th. Finally, Robert W. Baird raised their target price on Medpace from $312.00 to $408.00 and gave the company an “outperform” rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $395.60.

Insider Activity

In other news, Director Ashley M. Keating sold 250 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $409.87, for a total value of $102,467.50. Following the sale, the director now directly owns 250 shares of the company’s stock, valued at $102,467.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO August J. Troendle sold 100,000 shares of Medpace stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $412.98, for a total transaction of $41,298,000.00. Following the sale, the chief executive officer now directly owns 4,833,019 shares of the company’s stock, valued at $1,995,940,186.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ashley M. Keating sold 250 shares of Medpace stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $409.87, for a total value of $102,467.50. Following the sale, the director now directly owns 250 shares in the company, valued at $102,467.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 189,340 shares of company stock valued at $76,651,647. 20.30% of the stock is owned by insiders.

Medpace Company Profile

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.