Icon (NASDAQ:ICLR) Announces Earnings Results

Icon (NASDAQ:ICLR) announced its quarterly earnings results on Wednesday. The medical research company reported $2.52 earnings per share for the quarter, missing analysts’ consensus estimates of $2.95 by ($0.43), FiscalAI reports. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $1.99 billion. Icon had a return on equity of 10.58% and a net margin of 7.40%.

Icon Trading Up 4.0%

ICLR traded up $4.60 during midday trading on Wednesday, hitting $118.45. 1,747,274 shares of the company were exchanged, compared to its average volume of 1,582,337. The firm has a market capitalization of $9.57 billion, a P/E ratio of 16.03, a P/E/G ratio of 3.05 and a beta of 1.23. Icon has a 1-year low of $66.57 and a 1-year high of $211.00. The firm’s 50 day moving average price is $111.14 and its 200-day moving average price is $141.95. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.31.

Analysts Set New Price Targets

ICLR has been the topic of a number of recent research reports. Royal Bank Of Canada assumed coverage on Icon in a research note on Monday, May 18th. They set a “sector perform” rating and a $123.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Icon from $175.00 to $120.00 and set a “neutral” rating on the stock in a research note on Monday, May 18th. BMO Capital Markets raised Icon from a “market perform” rating to an “outperform” rating and raised their target price for the company from $100.00 to $130.00 in a report on Thursday, March 26th. Barclays reduced their target price on Icon from $200.00 to $120.00 and set an “equal weight” rating on the stock in a report on Monday, March 9th. Finally, Zacks Research downgraded Icon from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 25th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Icon presently has a consensus rating of “Hold” and an average target price of $147.67.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Invesco Ltd. increased its position in Icon by 9.6% in the 4th quarter. Invesco Ltd. now owns 3,756,896 shares of the medical research company’s stock valued at $684,582,000 after buying an additional 329,266 shares in the last quarter. Vident Advisory LLC increased its position in Icon by 47.2% in the 4th quarter. Vident Advisory LLC now owns 41,059 shares of the medical research company’s stock valued at $7,482,000 after buying an additional 13,175 shares in the last quarter. NewEdge Advisors LLC increased its position in Icon by 8.6% in the 4th quarter. NewEdge Advisors LLC now owns 1,309 shares of the medical research company’s stock valued at $238,000 after buying an additional 104 shares in the last quarter. Moore Capital Management LP increased its position in Icon by 96.7% in the 4th quarter. Moore Capital Management LP now owns 57,190 shares of the medical research company’s stock valued at $10,421,000 after buying an additional 28,116 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in Icon by 12.7% in the 4th quarter. Janus Henderson Group PLC now owns 248,279 shares of the medical research company’s stock valued at $45,241,000 after buying an additional 28,008 shares in the last quarter. 95.61% of the stock is owned by institutional investors.

Icon Company Profile

Icon plc (NASDAQ: ICLR) is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas.

Icon’s service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions.