Zacks Investment Research upgraded shares of Medpace (NASDAQ:MEDP) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $71.00 price objective on the stock.
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. “
Several other research firms have also recently weighed in on MEDP. Wolfe Research initiated coverage on Iqvia in a research note on Tuesday, April 2nd. They set a market perform rating for the company. ValuEngine cut Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. BidaskClub cut Utah Medical Products from a hold rating to a sell rating in a research note on Monday, July 8th. Robert W. Baird boosted their target price on Shopify from $208.00 to $269.00 and gave the stock an outperform rating in a research note on Tuesday, April 30th. Finally, TheStreet cut Zumiez from a b rating to a c+ rating in a research note on Thursday, June 6th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $61.25.
Shares of MEDP opened at $62.64 on Wednesday. The firm has a 50-day moving average of $59.45. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.24 billion, a PE ratio of 23.37, a PEG ratio of 1.90 and a beta of 1.56. Medpace has a 1 year low of $43.95 and a 1 year high of $71.66.
Medpace (NASDAQ:MEDP) last announced its quarterly earnings data on Monday, April 29th. The company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.04. The business had revenue of $200.70 million during the quarter, compared to analysts’ expectations of $190.16 million. Medpace had a return on equity of 17.16% and a net margin of 10.49%. The business’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 EPS. Research analysts forecast that Medpace will post 2.64 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund grew its position in Medpace by 14.1% in the 4th quarter. New York State Common Retirement Fund now owns 38,938 shares of the company’s stock worth $2,061,000 after purchasing an additional 4,802 shares in the last quarter. BlackRock Inc. grew its position in Medpace by 82.2% in the 4th quarter. BlackRock Inc. now owns 4,158,359 shares of the company’s stock worth $220,103,000 after purchasing an additional 1,876,296 shares in the last quarter. Bank of New York Mellon Corp grew its position in Medpace by 130.9% in the 4th quarter. Bank of New York Mellon Corp now owns 753,303 shares of the company’s stock worth $39,872,000 after purchasing an additional 427,062 shares in the last quarter. Texas Permanent School Fund bought a new stake in Medpace in the 4th quarter worth about $794,000. Finally, Raymond James & Associates grew its position in Medpace by 8.2% in the 4th quarter. Raymond James & Associates now owns 21,784 shares of the company’s stock worth $1,153,000 after purchasing an additional 1,644 shares in the last quarter. Hedge funds and other institutional investors own 76.70% of the company’s stock.
Medpace Company Profile
Medpace Holdings, Inc, a clinical contract research organization, provides scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical, and medical device industries worldwide. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in a range of therapeutic areas.
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