Icon (NASDAQ:ICLR) Trading 9.8% Higher Following Strong Earnings

Shares of Icon Plc (NASDAQ:ICLR) were up 9.8% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $157.49 and last traded at $156.6840. Approximately 188,321 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,510,469 shares. The stock had previously closed at $142.67.

The medical research company reported $2.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.43 by $0.07. Icon had a return on equity of 9.50% and a net margin of 5.98%.The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter last year, the firm posted $3.43 EPS. The company’s revenue was up 2.5% on a year-over-year basis.

Analysts Set New Price Targets

Several equities analysts recently commented on ICLR shares. DA Davidson set a $164.00 target price on shares of Icon in a research note on Monday, June 1st. Royal Bank Of Canada raised their price target on shares of Icon from $123.00 to $126.00 and gave the stock a “sector perform” rating in a research report on Friday, May 29th. Piper Sandler lowered Icon to a “neutral” rating in a report on Thursday, May 28th. Zacks Research cut Icon from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings lowered Icon from a “sell (d+)” rating to a “sell (d)” rating in a research note on Friday, May 29th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Icon currently has a consensus rating of “Hold” and a consensus target price of $152.69.

Hedge Funds Weigh In On Icon

Large investors have recently modified their holdings of the stock. Empowered Funds LLC grew its stake in shares of Icon by 21.7% during the first quarter. Empowered Funds LLC now owns 2,609 shares of the medical research company’s stock valued at $289,000 after purchasing an additional 466 shares during the last quarter. Militia Capital Management LLC bought a new position in Icon in the 1st quarter worth approximately $2,523,000. NewEdge Advisors LLC lifted its holdings in Icon by 109.2% during the 1st quarter. NewEdge Advisors LLC now owns 2,738 shares of the medical research company’s stock worth $303,000 after buying an additional 1,429 shares in the last quarter. Arkadios Wealth Advisors boosted its position in Icon by 87.6% in the 1st quarter. Arkadios Wealth Advisors now owns 29,843 shares of the medical research company’s stock valued at $3,302,000 after buying an additional 13,939 shares during the last quarter. Finally, Amundi increased its stake in shares of Icon by 88.6% in the 1st quarter. Amundi now owns 33,583 shares of the medical research company’s stock valued at $3,716,000 after buying an additional 15,773 shares during the period. 95.61% of the stock is currently owned by institutional investors and hedge funds.

Icon Trading Up 10.3%

The business has a 50-day moving average price of $126.66 and a two-hundred day moving average price of $138.42. The company has a market cap of $12.05 billion, a P/E ratio of 25.55, a P/E/G ratio of 11.12 and a beta of 1.26. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.31.

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.