Icon (ICLR) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Icon (NASDAQ:ICLR) from a buy rating to a hold rating in a report published on Wednesday morning.

According to Zacks, “ICON plc is a global full service clinical research organisation. The company provides contract clinical research services to the pharmaceutical industry worldwide. “

Several other analysts have also recently weighed in on the stock. Barclays raised their target price on shares of Icon from $108.00 to $120.00 and gave the company an equal weight rating in a report on Friday, October 27th. Credit Suisse Group reaffirmed an outperform rating and issued a $120.00 target price (up previously from $105.00) on shares of Icon in a report on Monday, October 16th. Jefferies Group reaffirmed a buy rating and issued a $122.00 target price on shares of Icon in a report on Tuesday, September 12th. KeyCorp reaffirmed an overweight rating and issued a $125.00 target price (up previously from $115.00) on shares of Icon in a report on Monday, November 13th. They noted that the move was a valuation call. Finally, SunTrust Banks reaffirmed a buy rating and issued a $138.00 target price on shares of Icon in a report on Sunday, October 29th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $121.82.

Shares of Icon (ICLR) opened at $113.27 on Wednesday. The stock has a market cap of $6,120.00, a PE ratio of 21.99, a PEG ratio of 1.63 and a beta of 0.61. Icon has a 1 year low of $76.46 and a 1 year high of $124.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.90 and a current ratio of 1.90.

Icon (NASDAQ:ICLR) last issued its quarterly earnings results on Thursday, October 26th. The medical research company reported $1.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.03. The business had revenue of $440.30 million for the quarter, compared to analysts’ expectations of $438.09 million. Icon had a net margin of 16.37% and a return on equity of 28.42%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 earnings per share. research analysts expect that Icon will post 5.37 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. Acrospire Investment Management LLC increased its stake in Icon by 20.1% in the second quarter. Acrospire Investment Management LLC now owns 1,195 shares of the medical research company’s stock valued at $117,000 after purchasing an additional 200 shares during the last quarter. SG Americas Securities LLC purchased a new position in Icon in the third quarter valued at approximately $148,000. Sheaff Brock Investment Advisors LLC purchased a new position in Icon in the second quarter valued at approximately $208,000. Commonwealth Equity Services Inc purchased a new position in Icon in the third quarter valued at approximately $208,000. Finally, Holderness Investments Co. purchased a new position in Icon in the third quarter valued at approximately $216,000. Institutional investors own 89.66% of the company’s stock.

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Icon Company Profile

ICON public limited company is a contract research organization (CRO), which is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company is engaged in the strategic development, management and analysis of programs that support the various stages of the clinical development process, from compound selection to Phase I-IV clinical studies.

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