Robert W. Baird Reiterates “Buy” Rating for ICON PLC (ICLR)
Robert W. Baird restated their buy rating on shares of ICON PLC (NASDAQ:ICLR) in a report issued on Thursday. Robert W. Baird currently has a $123.00 price objective on the medical research company’s stock.
A number of other analysts also recently weighed in on the company. Jefferies Group LLC upgraded ICON PLC from a hold rating to a buy rating and increased their price target for the stock from $86.00 to $117.00 in a report on Thursday, June 29th. Zacks Investment Research upgraded ICON PLC from a hold rating to a buy rating and set a $131.00 price target for the company in a report on Saturday, September 9th. Goldman Sachs Group, Inc. (The) upgraded ICON PLC from a buy rating to a conviction-buy rating and set a $117.00 price target for the company in a report on Friday, July 7th. Bank of America Corporation initiated coverage on ICON PLC in a report on Monday, September 11th. They set a buy rating and a $128.00 price target for the company. Finally, ValuEngine upgraded ICON PLC from a hold rating to a buy rating in a report on Friday, September 1st. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $117.33.
ICON PLC (NASDAQ ICLR) opened at 113.63 on Thursday. ICON PLC has a 52-week low of $73.76 and a 52-week high of $117.53. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 23.05 and a beta of 0.59. The stock has a 50 day moving average price of $113.18 and a 200 day moving average price of $98.33.
ICON PLC (NASDAQ:ICLR) last posted its quarterly earnings data on Thursday, July 27th. The medical research company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.01. The business had revenue of $431.00 million during the quarter, compared to the consensus estimate of $430.68 million. ICON PLC had a return on equity of 28.72% and a net margin of 15.97%. ICON PLC’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.14 earnings per share. Analysts anticipate that ICON PLC will post $5.32 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in ICON PLC by 16.8% in the 2nd quarter. Principal Financial Group Inc. now owns 448,115 shares of the medical research company’s stock valued at $43,821,000 after acquiring an additional 64,456 shares in the last quarter. Wesbanco Bank Inc. lifted its position in shares of ICON PLC by 18.6% during the 2nd quarter. Wesbanco Bank Inc. now owns 18,044 shares of the medical research company’s stock worth $1,765,000 after buying an additional 2,830 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ICON PLC by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 312,735 shares of the medical research company’s stock worth $30,582,000 after buying an additional 1,947 shares in the last quarter. Morgan Stanley lifted its position in shares of ICON PLC by 89.8% during the 1st quarter. Morgan Stanley now owns 147,238 shares of the medical research company’s stock worth $11,737,000 after buying an additional 69,669 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of ICON PLC during the 2nd quarter worth approximately $626,000. 91.54% of the stock is currently owned by institutional investors and hedge funds.
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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