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

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

Medpace Stock Performance

MEDP stock opened at $376.26 on Tuesday. The company has a fifty day moving average price of $396.82 and a 200-day moving average price of $322.00. The company has a market capitalization of $11.66 billion, a P/E ratio of 42.37, a PEG ratio of 1.97 and a beta of 1.38. Medpace has a 52-week low of $187.03 and a 52-week high of $419.42.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MEDP shares. Jefferies Financial Group raised shares of Medpace from a “hold” rating to a “buy” rating and increased their price objective for the company from $340.00 to $450.00 in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Medpace from $312.00 to $408.00 and gave the company an “outperform” rating in a research note on Wednesday, February 14th. StockNews.com downgraded shares of Medpace from a “buy” rating to a “hold” rating in a research note on Saturday, March 23rd. Deutsche Bank Aktiengesellschaft started 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. Finally, 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 research note on Thursday, February 15th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $395.60.

Insider Activity

In other news, VP Susan E. Burwig sold 102 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $403.00, for a total transaction of $41,106.00. Following the completion of the transaction, the vice president now owns 15,181 shares of the company’s stock, valued at $6,117,943. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ashley M. Keating sold 250 shares of Medpace stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $409.87, for a total transaction of $102,467.50. Following the completion of the transaction, the director now owns 250 shares of the company’s stock, valued at $102,467.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Susan E. Burwig sold 102 shares of Medpace stock in a transaction on 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 of the company’s stock, valued at approximately $6,117,943. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 189,340 shares of company stock valued at $76,651,647. 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.