Medpace (NASDAQ:MEDP) Issues Quarterly Earnings Results, Beats Expectations By $0.75 EPS

Medpace (NASDAQ:MEDP) announced its earnings results on Monday. The company reported $3.20 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.75, Briefing.com reports. Medpace had a return on equity of 63.98% and a net margin of 15.00%. The firm had revenue of $511.00 million during the quarter, compared to the consensus estimate of $512.39 million. During the same quarter in the prior year, the company earned $2.27 EPS. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. Medpace updated its FY24 guidance to $10.79-11.47 EPS and its FY 2024 guidance to 10.790-11.470 EPS.

Medpace Stock Up 1.1 %

Shares of Medpace stock opened at $376.26 on Tuesday. Medpace has a 12 month low of $187.03 and a 12 month high of $419.42. The business has a fifty day simple moving average of $396.82 and a 200 day simple moving average of $322.00. The stock has a market cap of $11.66 billion, a PE ratio of 42.37, a price-to-earnings-growth ratio of 1.97 and a beta of 1.38.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Medpace news, VP Susan E. Burwig sold 102 shares of Medpace stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $403.00, for a total transaction of $41,106.00. Following the transaction, the vice president now directly owns 15,181 shares in the company, valued at $6,117,943. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Medpace news, Director Ashley M. Keating sold 250 shares of Medpace stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $409.87, for a total transaction of $102,467.50. Following the transaction, the director now directly owns 250 shares in the company, valued at $102,467.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Susan E. Burwig sold 102 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were 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 owns 15,181 shares in the company, valued at $6,117,943. The disclosure for this sale can be found here. Insiders sold a total of 189,340 shares of company stock valued at $76,651,647 over the last three months. Company 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.