Medpace (NASDAQ:MEDP) Issues FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY24 earnings guidance on Monday. The company provided EPS guidance of $10.79-11.47 for the period, compared to the consensus EPS estimate of $10.62. The company issued revenue guidance of $2.15-2.20 billion, compared to the consensus revenue estimate of $2.19 billion. Medpace also updated its FY 2024 guidance to 10.790-11.470 EPS.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MEDP shares. Jefferies Financial Group raised shares of Medpace from a hold rating to a buy rating and upped their target price for the stock from $340.00 to $450.00 in a report on Tuesday. Robert W. Baird upped their target price on shares of Medpace from $312.00 to $408.00 and gave the stock an outperform rating in a report on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Medpace in a report on Monday, March 18th. They issued a hold rating and a $395.00 target price for the company. UBS Group raised shares of Medpace from a neutral rating to a buy rating and increased their price objective for the company from $282.00 to $452.00 in a report on Thursday, February 15th. Finally, StockNews.com downgraded shares of Medpace from a buy rating to a hold rating in a report 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. According to MarketBeat.com, Medpace has an average rating of Moderate Buy and a consensus target price of $395.60.

Medpace Stock Performance

NASDAQ MEDP opened at $376.26 on Tuesday. The firm’s 50 day moving average price is $396.82 and its 200-day moving average price is $322.00. Medpace has a 52-week low of $187.03 and a 52-week high of $419.42. The company has a market cap of $11.66 billion, a PE ratio of 42.37, a P/E/G ratio of 1.97 and a beta of 1.38.

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 analysts’ consensus estimates 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 the consensus estimate of $498.72 million. During the same period last year, the firm earned $2.12 earnings per share. The company’s quarterly revenue was up 26.5% on a year-over-year basis. On average, analysts forecast that Medpace will post 10.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Medpace

In other Medpace news, major shareholder Medpace Investors, Llc sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $391.75, for a total value of $19,587,500.00. Following the completion of the sale, the insider now directly owns 5,539,947 shares in the company, valued at $2,170,274,237.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Medpace news, CEO August J. Troendle sold 25,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $408.71, for a total value of $10,217,750.00. Following the completion of the transaction, the chief executive officer now owns 4,733,019 shares of the company’s stock, valued at $1,934,432,195.49. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Medpace Investors, Llc sold 50,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $391.75, for a total transaction of $19,587,500.00. Following the completion of the transaction, the insider now directly owns 5,539,947 shares of the company’s stock, valued at approximately $2,170,274,237.25. The disclosure for this sale can be found here. Insiders sold a total of 189,340 shares of company stock worth $76,651,647 over the last three months. Corporate insiders own 20.30% of the company’s stock.

Medpace Company Profile

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.