Medpace (MEDP) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Medpace (NASDAQ:MEDP) from a hold rating to a buy rating in a report released on Wednesday morning. The brokerage currently has $40.00 price objective on the stock.
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. “
Other equities research analysts also recently issued reports about the stock. Jefferies Group upped their price objective on shares of Medpace from $34.00 to $38.00 and gave the company a hold rating in a report on Wednesday, November 1st. KeyCorp reaffirmed a hold rating on shares of Medpace in a report on Tuesday, October 17th. Robert W. Baird reaffirmed a hold rating and set a $32.00 price objective on shares of Medpace in a report on Monday, October 9th. Raymond James Financial started coverage on shares of Medpace in a report on Friday, September 29th. They set a market perform rating on the stock. Finally, William Blair downgraded shares of Medpace from an outperform rating to a market perform rating in a report on Wednesday, November 1st. They noted that the move was a valuation call. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $36.60.
Medpace (NASDAQ:MEDP) traded up $0.23 during midday trading on Wednesday, reaching $36.00. 296,400 shares of the company’s stock traded hands, compared to its average volume of 189,523. The stock has a market capitalization of $1,344.27, a P/E ratio of 24.33, a PEG ratio of 1.83 and a beta of -0.96. Medpace has a 1-year low of $21.76 and a 1-year high of $39.64. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.68 and a current ratio of 0.68.
Medpace (NASDAQ:MEDP) last released its quarterly earnings data on Monday, October 30th. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.04. The business had revenue of $98.68 million for the quarter, compared to the consensus estimate of $96.84 million. Medpace had a net margin of 6.44% and a return on equity of 10.00%. The company’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. equities research analysts expect that Medpace will post 1.5 EPS for the current fiscal year.
In related news, major shareholder Medpace Limited Partnership sold 4,600,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were sold at an average price of $30.16, for a total value of $138,736,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 25.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MEDP. Teachers Advisors LLC grew its position in Medpace by 9.1% during the first quarter. Teachers Advisors LLC now owns 27,271 shares of the company’s stock valued at $814,000 after acquiring an additional 2,278 shares during the last quarter. Vanguard Group Inc. grew its position in Medpace by 12.4% during the first quarter. Vanguard Group Inc. now owns 822,842 shares of the company’s stock valued at $24,562,000 after acquiring an additional 90,742 shares during the last quarter. Geode Capital Management LLC grew its position in Medpace by 6.1% during the first quarter. Geode Capital Management LLC now owns 85,724 shares of the company’s stock valued at $2,558,000 after acquiring an additional 4,929 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Medpace by 5.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 27,922 shares of the company’s stock valued at $834,000 after acquiring an additional 1,368 shares during the last quarter. Finally, Credit Suisse AG bought a new position in Medpace during the first quarter valued at approximately $231,000. Institutional investors and hedge funds own 16.80% of the company’s stock.
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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