Medpace Holdings, Inc. (MEDP) Rating Increased to Buy at Zacks Investment Research
Medpace Holdings, Inc. (NASDAQ:MEDP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage currently has a $40.00 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 7.41% from the company’s previous close.
According to Zacks, “Medpace Holdings, Inc. is a scientifically-driven, global, full-service clinical contract research organization which provides Phase I-IV clinical development services to the biotechnology, pharmaceutical and medical device industries. Medpace Holdings, Inc. is headquartered in Cincinnati, Ohio. “
MEDP has been the subject of a number of other research reports. Jefferies Group LLC boosted their price objective on shares of Medpace Holdings from $34.00 to $38.00 and gave the company a “hold” rating in a report on Wednesday. William Blair downgraded shares of Medpace Holdings from an “outperform” rating to a “market perform” rating in a report on Wednesday. They noted that the move was a valuation call. Raymond James Financial, Inc. initiated coverage on shares of Medpace Holdings in a report on Friday, September 29th. They issued a “market perform” rating for the company. Robert W. Baird boosted their price objective on shares of Medpace Holdings from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Finally, KeyCorp reissued a “hold” rating on shares of Medpace Holdings in a report on Tuesday, October 17th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $36.60.
Shares of Medpace Holdings (NASDAQ:MEDP) traded up $1.22 during mid-day trading on Friday, reaching $37.24. 183,512 shares of the company’s stock traded hands, compared to its average volume of 102,308. The firm has a market cap of $1,400.45, a price-to-earnings ratio of 25.33, a P/E/G ratio of 1.91 and a beta of -0.34. Medpace Holdings has a 12-month low of $21.76 and a 12-month high of $39.64. The company has a quick ratio of 0.79, a current ratio of 0.68 and a debt-to-equity ratio of 0.36.
Medpace Holdings (NASDAQ:MEDP) last released its quarterly earnings data on Monday, October 30th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. The company had revenue of $98.68 million for the quarter, compared to analyst estimates of $96.84 million. Medpace Holdings had a net margin of 6.44% and a return on equity of 10.00%. Medpace Holdings’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. equities analysts expect that Medpace Holdings will post 1.5 earnings per share for the current fiscal year.
In related news, major shareholder Medpace Limited Partnership sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $30.27, for a total transaction of $60,540,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 25.80% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in MEDP. Bank of New York Mellon Corp increased its position in shares of Medpace Holdings by 15.1% during the first quarter. Bank of New York Mellon Corp now owns 35,062 shares of the company’s stock worth $1,047,000 after buying an additional 4,609 shares during the period. Prudential Financial Inc. acquired a new stake in shares of Medpace Holdings during the first quarter worth $1,026,000. American International Group Inc. acquired a new stake in shares of Medpace Holdings during the first quarter worth $145,000. Teachers Advisors LLC increased its position in shares of Medpace Holdings by 9.1% during the first quarter. Teachers Advisors LLC now owns 27,271 shares of the company’s stock worth $814,000 after buying an additional 2,278 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in shares of Medpace Holdings by 13.7% during the first quarter. TIAA CREF Investment Management LLC now owns 127,562 shares of the company’s stock worth $3,808,000 after buying an additional 15,395 shares during the period. Hedge funds and other institutional investors own 16.32% of the company’s stock.
Medpace Holdings Company Profile
Medpace Holdings, Inc is a clinical contract research organization. The Company provides clinical research-based drug and medical device development services. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company’s drug development services focus on full service Phase I-IV clinical development services and include 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.
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