Icon (NASDAQ:ICLR) Posts Earnings Results, Beats Estimates By $0.01 EPS

Icon (NASDAQ:ICLR) posted its quarterly earnings data on Wednesday. The medical research company reported $2.56 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.01, FiscalAI reports. Icon had a return on equity of 8.73% and a net margin of 5.35%.The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2 billion.

Icon Stock Performance

ICLR traded down $2.71 on Wednesday, hitting $177.53. 1,571,935 shares of the stock traded hands, compared to its average volume of 1,423,489. The business has a fifty day moving average price of $153.54 and a two-hundred day moving average price of $135.61. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.31. Icon has a 52 week low of $66.57 and a 52 week high of $203.91. The firm has a market capitalization of $13.59 billion, a PE ratio of 31.59, a P/E/G ratio of 8.28 and a beta of 1.22.

Analyst Upgrades and Downgrades

ICLR has been the topic of a number of research analyst reports. TD Cowen raised their target price on Icon from $164.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Citigroup increased their price objective on Icon from $140.00 to $165.00 and gave the company a “neutral” rating in a research report on Thursday, June 25th. Barclays raised their price objective on shares of Icon from $160.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Royal Bank Of Canada raised shares of Icon from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $126.00 to $185.00 in a research report on Thursday, June 25th. Finally, JPMorgan Chase & Co. upped their target price on shares of Icon from $130.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $168.73.

Institutional Trading of Icon

Institutional investors and hedge funds have recently modified their holdings of the company. Harris Associates L P bought a new position in Icon in the second quarter worth $238,256,000. Wellington Management Group LLP increased its holdings in Icon by 26.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,637,137 shares of the medical research company’s stock valued at $811,499,000 after buying an additional 975,268 shares during the period. Boston Partners raised its stake in shares of Icon by 1,207.3% in the 3rd quarter. Boston Partners now owns 739,135 shares of the medical research company’s stock valued at $129,372,000 after buying an additional 682,597 shares in the last quarter. Balyasny Asset Management L.P. acquired a new position in shares of Icon in the 2nd quarter valued at $94,814,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Icon by 453.0% during the 4th quarter. JPMorgan Chase & Co. now owns 767,924 shares of the medical research company’s stock worth $139,931,000 after acquiring an additional 629,056 shares during the period. 95.61% of the stock is currently 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.