Zacks: Analysts Expect Medpace Holdings, Inc. (NASDAQ:MEDP) Will Announce Quarterly Sales of $93.58 Million
Wall Street brokerages expect Medpace Holdings, Inc. (NASDAQ:MEDP) to announce sales of $93.58 million for the current quarter, according to Zacks. Five analysts have provided estimates for Medpace Holdings’ earnings, with the highest sales estimate coming in at $99.00 million and the lowest estimate coming in at $90.32 million. The business is scheduled to report its next earnings results on Monday, August 7th.
On average, analysts expect that Medpace Holdings will report full year sales of $93.58 million for the current fiscal year, with estimates ranging from $373.38 million to $379.50 million. For the next financial year, analysts expect that the firm will report sales of $412.10 million per share, with estimates ranging from $395.83 million to $438.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Medpace Holdings.
Medpace Holdings (NASDAQ:MEDP) last posted its quarterly earnings results on Monday, May 1st. The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.03. The company had revenue of $93.80 million during the quarter, compared to analyst estimates of $93.61 million. Medpace Holdings’s quarterly revenue was up 6.8% on a year-over-year basis.
Several research firms have weighed in on MEDP. Zacks Investment Research raised Medpace Holdings from a “strong sell” rating to a “hold” rating in a report on Wednesday. Credit Suisse Group reaffirmed an “outperform” rating and issued a $36.00 price target (up previously from $35.00) on shares of Medpace Holdings in a report on Tuesday, June 6th. ValuEngine cut Medpace Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $25.50 price target (down previously from $35.50) on shares of Medpace Holdings in a report on Wednesday, May 3rd. Finally, Wells Fargo & Company cut Medpace Holdings from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 3rd. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.50.
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Institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC purchased a new position in shares of Medpace Holdings during the first quarter worth $9,888,000. Bernzott Capital Advisors purchased a new position in shares of Medpace Holdings during the first quarter worth $7,344,000. Massachusetts Financial Services Co. MA boosted its position in shares of Medpace Holdings by 47.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 452,555 shares of the company’s stock worth $13,509,000 after buying an additional 144,815 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Medpace Holdings by 12.4% in the first quarter. Vanguard Group Inc. now owns 822,842 shares of the company’s stock worth $24,562,000 after buying an additional 90,742 shares in the last quarter. Finally, Oxford Asset Management purchased a new position in shares of Medpace Holdings during the first quarter worth $2,455,000. 16.27% of the stock is currently owned by institutional investors.
Medpace Holdings (NASDAQ MEDP) opened at 29.24 on Friday. The company has a market cap of $1.19 billion and a PE ratio of 62.08. The firm has a 50-day moving average price of $27.71 and a 200-day moving average price of $30.66. Medpace Holdings has a 52-week low of $21.76 and a 52-week high of $38.94.
About Medpace Holdings
Medpace Holdings, Inc is a clinical contract research organization. The Company provides clinical research-based drug and medical device development services. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company’s drug development services focus on full service Phase I-IV clinical development services and include 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.
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