Medpace (NASDAQ:MEDP) Posts Earnings Results

Medpace (NASDAQ:MEDP) posted its earnings results on Monday. The company reported $3.20 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.75, Briefing.com reports. The firm had revenue of $511.00 million for the quarter, compared to the consensus estimate of $512.39 million. Medpace had a return on equity of 65.98% and a net margin of 15.92%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.27 EPS. Medpace updated its FY24 guidance to $10.79-11.47 EPS and its FY 2024 guidance to 10.790-11.470 EPS.

Medpace Stock Performance

Shares of NASDAQ MEDP traded down $12.14 during midday trading on Wednesday, hitting $395.01. 193,073 shares of the stock traded hands, compared to its average volume of 248,366. The firm has a 50-day moving average of $397.68 and a two-hundred day moving average of $323.14. The firm has a market capitalization of $12.24 billion, a P/E ratio of 41.50, a PEG ratio of 1.99 and a beta of 1.38. Medpace has a one year low of $189.30 and a one year high of $421.00.

Insider Activity

In related news, VP Susan E. Burwig sold 102 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the transaction, the vice president now directly owns 15,181 shares of the company’s stock, valued at approximately $6,117,943. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Susan E. Burwig sold 102 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the transaction, the vice president now directly owns 15,181 shares of the company’s stock, valued at approximately $6,117,943. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ashley M. Keating sold 250 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $409.87, for a total value of $102,467.50. Following the completion of the transaction, the director now directly owns 250 shares in the company, valued at $102,467.50. The disclosure for this sale can be found here. Insiders have sold 189,340 shares of company stock valued at $76,651,647 in the last ninety days. 20.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Jefferies Financial Group upgraded Medpace from a “hold” rating to a “buy” rating and upped their price target for the stock from $340.00 to $450.00 in a research note on Tuesday. UBS Group upgraded Medpace from a “neutral” rating to a “buy” rating and increased their target price for the company from $282.00 to $452.00 in a research note on Thursday, February 15th. Robert W. Baird increased their target price on Medpace from $446.00 to $454.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com upgraded Medpace from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Medpace in a research note on Monday, March 18th. They set a “hold” rating and a $395.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Medpace presently has a consensus rating of “Moderate Buy” and a consensus price target of $404.80.

Medpace Company Profile

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.