Medpace (NASDAQ:MEDP) Issues FY 2024 Earnings Guidance

Medpace (NASDAQ:MEDP) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 10.790-11.470 for the period, compared to the consensus EPS estimate of 10.610. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Medpace also updated its FY24 guidance to $10.79-11.47 EPS.

Medpace Trading Up 1.1 %

MEDP opened at $376.26 on Tuesday. The company has a market cap of $11.66 billion, a price-to-earnings ratio of 42.37, a PEG ratio of 1.97 and a beta of 1.38. The company’s 50 day moving average is $396.82 and its 200 day moving average is $322.00. Medpace has a 12-month low of $187.03 and a 12-month high of $419.42.

Medpace (NASDAQ:MEDP) last released its quarterly earnings data on Monday, February 12th. The company reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.24. Medpace had a net margin of 15.00% and a return on equity of 63.98%. The firm had revenue of $498.40 million for the quarter, compared to analysts’ expectations of $498.72 million. During the same quarter last year, the business posted $2.12 earnings per share. The company’s revenue for the quarter was up 26.5% compared to the same quarter last year. As a group, analysts predict that Medpace will post 10.53 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MEDP shares. Jefferies Financial Group raised shares of Medpace from a hold rating to a buy rating and boosted their target price for the company from $340.00 to $450.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Medpace in a research note on Monday, March 18th. They issued a hold rating and a $395.00 price objective for the company. UBS Group raised shares of Medpace from a neutral rating to a buy rating and upped their price objective for the stock from $282.00 to $452.00 in a research note on Thursday, February 15th. Robert W. Baird upped their price objective on shares of Medpace from $312.00 to $408.00 and gave the stock an outperform rating in a research note on Wednesday, February 14th. Finally, StockNews.com lowered shares of Medpace from a buy rating to a hold rating in a research note on Saturday, March 23rd. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $395.60.

Insider Activity at Medpace

In related news, VP Susan E. Burwig sold 102 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the completion of the transaction, the vice president now directly owns 15,181 shares of the company’s stock, valued at approximately $6,117,943. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Medpace news, VP Susan E. Burwig sold 102 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the completion of the sale, the vice president now directly owns 15,181 shares of the company’s stock, valued at approximately $6,117,943. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Medpace Investors, Llc sold 13,988 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $386.39, for a total value of $5,404,823.32. Following the sale, the insider now directly owns 5,525,959 shares of the company’s stock, valued at $2,135,175,298.01. The disclosure for this sale can be found here. In the last ninety days, insiders sold 189,340 shares of company stock valued at $76,651,647. 20.30% of the stock is owned by insiders.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and 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 services.