Medpace (NASDAQ:MEDP) Updates FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $10.79-11.47 for the period, compared to the consensus estimate of $10.62. The company issued revenue guidance of $2.15-2.20 billion, compared to the consensus revenue estimate of $2.19 billion. Medpace also updated its FY 2024 guidance to 10.790-11.470 EPS.

Medpace Stock Down 2.0 %

MEDP stock traded down $7.79 during midday trading on Thursday, hitting $389.77. The company’s stock had a trading volume of 313,834 shares, compared to its average volume of 250,952. The stock has a market cap of $12.08 billion, a price-to-earnings ratio of 39.17, a PEG ratio of 2.04 and a beta of 1.38. The stock’s 50-day moving average price is $397.84 and its 200 day moving average price is $323.66. Medpace has a 1 year low of $189.30 and a 1 year high of $421.00.

Medpace (NASDAQ:MEDP) last released its earnings results on Monday, April 22nd. The company reported $3.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.75. The firm had revenue of $511.00 million for the quarter, compared to analysts’ expectations of $512.39 million. Medpace had a net margin of 15.92% and a return on equity of 59.74%. The company’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.27 earnings per share. As a group, equities analysts forecast that Medpace will post 11.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MEDP has been the subject of several research reports. Jefferies Financial Group upgraded Medpace from a hold rating to a buy rating and increased their price target for the stock from $340.00 to $450.00 in a research note on Tuesday. UBS Group raised shares of Medpace from a neutral rating to a buy rating and raised their price target for the company from $282.00 to $452.00 in a report on Thursday, February 15th. Robert W. Baird boosted their target price on Medpace from $446.00 to $454.00 and gave the stock an outperform rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on Medpace in a report on Monday, March 18th. They issued a hold rating and a $395.00 price target on the stock. Finally, Guggenheim upped their price objective on shares of Medpace from $453.00 to $464.00 and gave the stock a buy rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Medpace presently has an average rating of Moderate Buy and a consensus target price of $443.00.

Insider Activity at Medpace

In other Medpace news, VP Susan E. Burwig sold 102 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $403.00, for a total transaction of $41,106.00. Following the transaction, the vice president now owns 15,181 shares in the company, valued at approximately $6,117,943. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Ashley M. Keating sold 250 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were 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 owns 250 shares of the company’s stock, valued at approximately $102,467.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Susan E. Burwig sold 102 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $403.00, for a total value of $41,106.00. Following the completion of the transaction, the vice president now owns 15,181 shares in the company, valued at $6,117,943. The disclosure for this sale can be found here. Insiders have sold 189,340 shares of company stock worth $76,651,647 over the last ninety days. 20.30% of the stock is owned by corporate insiders.

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.