Zacks Investment Research Upgrades Medpace (NASDAQ:MEDP) to Buy

Zacks Investment Research upgraded shares of Medpace (NASDAQ:MEDP) from a hold rating to a buy rating in a report issued on Wednesday morning, Zacks.com reports. They currently have $71.00 target price 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. “

A number of other equities research analysts also recently weighed in on MEDP. Wolfe Research began coverage on shares of Iqvia in a research note on Tuesday, April 2nd. They set a market perform rating on the stock. Robert W. Baird boosted their target price on shares of Shopify from $208.00 to $269.00 and gave the company an outperform rating in a research note on Tuesday, April 30th. TheStreet downgraded shares of Zumiez from a b rating to a c+ rating in a research note on Thursday, June 6th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Finally, BidaskClub downgraded shares of Utah Medical Products from a hold rating to a sell rating in a research note on Monday, July 8th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Medpace presently has an average rating of Buy and a consensus target price of $61.25.

MEDP opened at $62.64 on Wednesday. Medpace has a fifty-two week low of $43.95 and a fifty-two week high of $71.66. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.69 and a quick ratio of 0.69. The business’s fifty day simple moving average is $59.45. The firm has a market capitalization of $2.24 billion, a P/E ratio of 24.19, a P/E/G ratio of 1.89 and a beta of 1.56.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings results on Monday, April 29th. The company reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.04. Medpace had a net margin of 10.49% and a return on equity of 17.16%. The firm had revenue of $200.70 million for the quarter, compared to the consensus estimate of $190.16 million. During the same quarter in the previous year, the company earned $0.60 earnings per share. The business’s revenue was up 23.1% compared to the same quarter last year. On average, analysts forecast that Medpace will post 2.64 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the company. PNC Financial Services Group Inc. raised its holdings in shares of Medpace by 42.1% in the first quarter. PNC Financial Services Group Inc. now owns 406,004 shares of the company’s stock valued at $23,942,000 after buying an additional 120,340 shares during the last quarter. Marshall Wace North America L.P. raised its holdings in shares of Medpace by 643.4% in the first quarter. Marshall Wace North America L.P. now owns 5,449 shares of the company’s stock valued at $321,000 after buying an additional 4,716 shares during the last quarter. Norges Bank bought a new position in shares of Medpace in the fourth quarter valued at about $8,004,000. Tavio Capital LLC raised its holdings in shares of Medpace by 46.4% in the fourth quarter. Tavio Capital LLC now owns 126,887 shares of the company’s stock valued at $6,716,000 after buying an additional 40,217 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Medpace by 5.4% in the fourth quarter. Geode Capital Management LLC now owns 320,938 shares of the company’s stock valued at $16,986,000 after buying an additional 16,521 shares during the last quarter. 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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