ICON PLC (ICLR) Expected to Post Quarterly Sales of $439.45 Million
Wall Street brokerages forecast that ICON PLC (NASDAQ:ICLR) will post sales of $439.45 million for the current quarter, Zacks reports. Eight analysts have provided estimates for ICON PLC’s earnings, with the lowest sales estimate coming in at $434.61 million and the highest estimate coming in at $447.30 million. ICON PLC reported sales of $420.20 million during the same quarter last year, which indicates a positive year over year growth rate of 4.6%. The firm is scheduled to report its next earnings results on Thursday, October 19th.
According to Zacks, analysts expect that ICON PLC will report full year sales of $439.45 million for the current financial year, with estimates ranging from $1.75 billion to $1.77 billion. For the next financial year, analysts expect that the firm will report sales of $1.89 billion per share, with estimates ranging from $1.85 billion to $1.96 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for ICON PLC.
ICON PLC (NASDAQ:ICLR) last posted its quarterly earnings results on Thursday, July 27th. The medical research company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.01. ICON PLC had a return on equity of 28.72% and a net margin of 15.97%. The business had revenue of $431.00 million for the quarter, compared to analyst estimates of $430.68 million. During the same period last year, the company earned $1.14 EPS. The firm’s revenue was up 5.0% on a year-over-year basis.
Several analysts recently weighed in on ICLR shares. Zacks Investment Research cut shares of ICON PLC from a “buy” rating to a “hold” rating in a research note on Friday, August 18th. ValuEngine cut shares of ICON PLC from a “buy” rating to a “hold” rating in a research note on Wednesday, May 31st. Jefferies Group LLC raised shares of ICON PLC from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $86.00 to $117.00 in a research note on Thursday, June 29th. BidaskClub raised shares of ICON PLC from a “hold” rating to a “buy” rating in a research note on Friday, June 23rd. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $102.00 price objective (up previously from $91.00) on shares of ICON PLC in a research note on Tuesday, June 6th. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. ICON PLC currently has a consensus rating of “Buy” and a consensus price target of $113.67.
Institutional investors and hedge funds have recently modified their holdings of the business. Shine Investment Advisory Services Inc. bought a new stake in ICON PLC during the second quarter valued at $103,000. Acrospire Investment Management LLC boosted its position in ICON PLC by 20.1% during the second quarter. Acrospire Investment Management LLC now owns 1,195 shares of the medical research company’s stock valued at $117,000 after acquiring an additional 200 shares during the last quarter. Parallel Advisors LLC boosted its position in ICON PLC by 20.7% during the second quarter. Parallel Advisors LLC now owns 1,265 shares of the medical research company’s stock valued at $133,000 after acquiring an additional 217 shares during the last quarter. US Bancorp DE boosted its position in ICON PLC by 15.0% during the first quarter. US Bancorp DE now owns 1,929 shares of the medical research company’s stock valued at $154,000 after acquiring an additional 251 shares during the last quarter. Finally, Huntington National Bank boosted its position in ICON PLC by 5.0% during the second quarter. Huntington National Bank now owns 1,630 shares of the medical research company’s stock valued at $159,000 after acquiring an additional 77 shares during the last quarter. 90.62% of the stock is currently owned by institutional investors and hedge funds.
ICON PLC (NASDAQ ICLR) traded down 0.22% on Friday, hitting $111.34. The stock had a trading volume of 224,663 shares. ICON PLC has a 12-month low of $73.76 and a 12-month high of $117.53. The company has a 50 day moving average of $108.18 and a 200 day moving average of $93.43. The company has a market capitalization of $6.02 billion, a PE ratio of 22.58 and a beta of 0.61.
About ICON PLC
ICON public limited company is a contract research organization (CRO), which is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company is engaged in the strategic development, management and analysis of programs that support the various stages of the clinical development process, from compound selection to Phase I-IV clinical studies.
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