Medpace Holdings, Inc. (MEDP) Upgraded to Strong-Buy at Zacks Investment Research
Medpace Holdings, Inc. (NASDAQ:MEDP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Saturday. The firm currently has a $38.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 18.20% from the company’s previous close.
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. “
Several other brokerages also recently weighed in on MEDP. Credit Suisse Group reaffirmed an “outperform” rating and set a $36.00 target price (up from $35.00) on shares of Medpace Holdings in a research note on Tuesday, June 6th. Jefferies Group LLC reaffirmed a “hold” rating and set a $31.00 target price (up from $30.00) on shares of Medpace Holdings in a research note on Wednesday, August 2nd. Finally, ValuEngine downgraded shares of Medpace Holdings from a “buy” rating to a “hold” rating in a research note on Tuesday, May 16th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Medpace Holdings currently has a consensus rating of “Buy” and an average price target of $34.75.
Medpace Holdings (MEDP) opened at 32.15 on Friday. The company’s 50-day moving average is $31.01 and its 200 day moving average is $29.09. Medpace Holdings has a one year low of $21.76 and a one year high of $38.94. The stock has a market capitalization of $1.27 billion and a price-to-earnings ratio of 56.60.
Medpace Holdings (NASDAQ:MEDP) last issued its quarterly earnings data on Monday, July 31st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.30 by $0.08. Medpace Holdings had a net margin of 5.37% and a return on equity of 9.32%. The firm had revenue of $94.60 million for the quarter, compared to analyst estimates of $92.71 million. During the same period in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Equities analysts expect that Medpace Holdings will post $1.43 EPS for the current year.
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In related news, major shareholder Medpace Limited Partnership sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $30.27, for a total transaction of $60,540,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 25.80% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Susquehanna International Group LLP purchased a new stake in Medpace Holdings during the 2nd quarter worth approximately $220,000. Redmile Group LLC purchased a new stake in Medpace Holdings during the 2nd quarter worth approximately $6,526,000. State Street Corp increased its stake in Medpace Holdings by 4.1% during the 2nd quarter. State Street Corp now owns 132,731 shares of the company’s stock worth $3,853,000 after buying an additional 5,209 shares during the period. Goldman Sachs Group Inc. increased its stake in Medpace Holdings by 1.4% during the 2nd quarter. Goldman Sachs Group Inc. now owns 34,690 shares of the company’s stock worth $1,006,000 after buying an additional 482 shares during the period. Finally, Tudor Investment Corp ET AL increased its stake in Medpace Holdings by 81.0% during the 2nd quarter. Tudor Investment Corp ET AL now owns 12,423 shares of the company’s stock worth $360,000 after buying an additional 5,559 shares during the period. 15.98% of the stock is currently owned by hedge funds and other institutional investors.
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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