StockNews.com Downgrades Medpace (NASDAQ:MEDP) to Hold

Medpace (NASDAQ:MEDP) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Other analysts also recently issued reports about the stock. Truist Financial assumed coverage on shares of Medpace in a report on Thursday, August 1st. They set a “hold” rating and a $415.00 price target on the stock. William Blair restated an “outperform” rating on shares of Medpace in a research report on Wednesday, September 11th. Guggenheim reduced their price target on Medpace from $464.00 to $432.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. TD Cowen dropped their price objective on Medpace from $452.00 to $434.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Finally, Robert W. Baird cut their price objective on Medpace from $469.00 to $430.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Medpace presently has a consensus rating of “Moderate Buy” and an average target price of $423.00.

Medpace Stock Performance

NASDAQ:MEDP opened at $369.18 on Wednesday. The firm’s fifty day moving average is $379.70 and its two-hundred day moving average is $392.28. The firm has a market cap of $11.44 billion, a price-to-earnings ratio of 37.63, a PEG ratio of 1.74 and a beta of 1.36. Medpace has a one year low of $227.21 and a one year high of $459.77.

Medpace (NASDAQ:MEDP) last issued its earnings results on Monday, July 22nd. The company reported $2.75 EPS for the quarter, topping analysts’ consensus estimates of $2.54 by $0.21. The firm had revenue of $528.10 million for the quarter, compared to the consensus estimate of $528.41 million. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The company’s revenue was up 14.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 earnings per share. As a group, equities research analysts predict that Medpace will post 11.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Medpace

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. FORA Capital LLC purchased a new position in Medpace during the first quarter worth approximately $2,222,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Medpace during the 1st quarter worth $5,179,000. Eagle Asset Management Inc. boosted its position in shares of Medpace by 155.0% during the 4th quarter. Eagle Asset Management Inc. now owns 226,435 shares of the company’s stock valued at $69,409,000 after acquiring an additional 137,632 shares during the last quarter. Evoke Wealth LLC acquired a new stake in Medpace during the fourth quarter worth about $3,149,000. Finally, Norden Group LLC raised its stake in Medpace by 488.0% during the first quarter. Norden Group LLC now owns 29,480 shares of the company’s stock worth $11,914,000 after purchasing an additional 24,466 shares during the period. Institutional investors and hedge funds own 77.98% of the company’s stock.

About Medpace

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.