Medpace (NASDAQ:MEDP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm presently has a $159.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.22% from the stock’s current price.
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 equities research analysts also recently commented on the stock. Truist upgraded shares of Medpace from a “hold” rating to a “buy” rating and raised their price objective for the company from $124.00 to $135.00 in a research report on Friday, October 2nd. BidaskClub upgraded shares of Medpace from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 11th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $110.00.
Medpace (NASDAQ:MEDP) last posted its earnings results on Saturday, October 31st. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02. The firm had revenue of $230.37 million for the quarter, compared to analyst estimates of $223.56 million. Medpace had a return on equity of 17.67% and a net margin of 13.87%. Medpace’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.71 earnings per share. On average, equities research analysts anticipate that Medpace will post 4 EPS for the current fiscal year.
In other news, major shareholder Medpace Investors, Llc sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 1st. The shares were sold at an average price of $130.86, for a total transaction of $1,832,040.00. Following the completion of the transaction, the insider now directly owns 6,771,855 shares of the company’s stock, valued at approximately $886,164,945.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Stephen P. Ewald sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 10th. The stock was sold at an average price of $140.07, for a total transaction of $1,400,700.00. Following the transaction, the general counsel now directly owns 23,854 shares of the company’s stock, valued at $3,341,229.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 532,750 shares of company stock valued at $74,888,848. Insiders own 26.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Sheets Smith Wealth Management grew its stake in Medpace by 2.4% in the 4th quarter. Sheets Smith Wealth Management now owns 3,797 shares of the company’s stock worth $529,000 after acquiring an additional 90 shares during the period. McGuire Investment Group LLC grew its stake in Medpace by 8.9% in the 4th quarter. McGuire Investment Group LLC now owns 50,550 shares of the company’s stock worth $7,037,000 after acquiring an additional 4,148 shares during the period. Mountain Capital Investment Advisors Inc purchased a new stake in Medpace in the 4th quarter worth approximately $634,000. Scout Investments Inc. grew its stake in Medpace by 3.8% in the 4th quarter. Scout Investments Inc. now owns 103,688 shares of the company’s stock worth $14,433,000 after acquiring an additional 3,800 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in Medpace by 1.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 6,900 shares of the company’s stock worth $960,000 after acquiring an additional 100 shares during the period. 70.81% of the stock is owned by institutional investors and hedge funds.
Medpace Company Profile
Medpace Holdings, Inc, a clinical contract research organization, provides scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical, and medical device industries worldwide. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas.
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