Zacks Investment Research upgraded shares of Medpace (NASDAQ:MEDP) from a hold rating to a buy rating in a report released on Wednesday morning, Zacks.com reports. They currently have $204.00 price objective on the stock.
According to Zacks, “Medpace Holdings, Inc. is a scientifically-driven, global, full-service clinical contract research organization which provides Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace Holdings, Inc. is headquartered in Cincinnati, Ohio. “
A number of other brokerages have also recently weighed in on MEDP. Credit Suisse Group lifted their target price on Medpace from $200.00 to $205.00 and gave the company an outperform rating in a report on Tuesday, July 20th. Truist lifted their target price on Medpace from $193.00 to $200.00 and gave the company a buy rating in a report on Tuesday, July 27th. Finally, Truist Securities reiterated a buy rating and issued a $167.90 target price on shares of Medpace in a report on Tuesday, July 27th.
Medpace (NASDAQ:MEDP) last announced its quarterly earnings data on Sunday, July 25th. The company reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.07. The business had revenue of $278.29 million during the quarter, compared to the consensus estimate of $271.20 million. Medpace had a return on equity of 21.74% and a net margin of 17.07%. Research analysts forecast that Medpace will post 4.45 earnings per share for the current year.
In other Medpace news, major shareholder Medpace Investors, Llc sold 14,304 shares of the business’s stock in a transaction dated Wednesday, September 1st. The stock was sold at an average price of $186.29, for a total transaction of $2,664,692.16. Following the transaction, the insider now owns 6,002,344 shares in the company, valued at $1,118,176,663.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO August J. Troendle sold 4,926 shares of the business’s stock in a transaction dated Tuesday, June 29th. The stock was sold at an average price of $181.11, for a total value of $892,147.86. Following the completion of the transaction, the chief executive officer now owns 706,643 shares in the company, valued at approximately $127,980,113.73. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,714 shares of company stock worth $36,395,758. 22.00% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new stake in Medpace in the first quarter valued at about $43,000. FORA Capital LLC bought a new stake in Medpace in the first quarter valued at about $51,000. Harvest Fund Management Co. Ltd increased its holdings in Medpace by 88.2% in the first quarter. Harvest Fund Management Co. Ltd now owns 414 shares of the company’s stock valued at $67,000 after buying an additional 194 shares during the last quarter. Van ECK Associates Corp bought a new stake in Medpace in the second quarter valued at about $67,000. Finally, Liberty Wealth Management LLC increased its holdings in Medpace by 13,962.1% in the second quarter. Liberty Wealth Management LLC now owns 14,484 shares of the company’s stock valued at $82,000 after buying an additional 14,381 shares during the last quarter. 76.31% of the stock is owned by hedge funds and other institutional investors.
Medpace Company Profile
Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.
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