ICON PLC (ICLR) Trading Up -2.7% Following Earnings Beat

ICON PLC (NASDAQ:ICLR)’s share price was up 2.7% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $123.00 and last traded at $119.45. Approximately 238,393 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 323,705 shares. The stock had previously closed at $122.79.

The medical research company reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.32 by $0.03. The business had revenue of $440.30 million during the quarter, compared to analysts’ expectations of $438.09 million. ICON PLC had a return on equity of 29.55% and a net margin of 16.37%. The business’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 earnings per share.

ICLR has been the subject of several research reports. Goldman Sachs Group, Inc. (The) upgraded ICON PLC from a “buy” rating to a “conviction-buy” rating and set a $117.00 price target for the company in a research report on Friday, July 7th. Mizuho boosted their price target on ICON PLC from $104.00 to $108.00 and gave the stock a “neutral” rating in a research report on Thursday, July 27th. Credit Suisse Group reiterated a “buy” rating on shares of ICON PLC in a research report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating on shares of ICON PLC in a research report on Sunday, July 30th. Finally, SunTrust Banks, Inc. upgraded ICON PLC from a “hold” rating to a “buy” rating and boosted their price target for the stock from $93.00 to $126.00 in a research report on Monday, July 31st. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. ICON PLC presently has an average rating of “Buy” and an average target price of $119.40.

A number of large investors have recently modified their holdings of the business. Victory Capital Management Inc. grew its holdings in ICON PLC by 117.2% in the 3rd quarter. Victory Capital Management Inc. now owns 154,079 shares of the medical research company’s stock valued at $17,546,000 after buying an additional 83,132 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in ICON PLC by 7.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 20,417 shares of the medical research company’s stock valued at $2,325,000 after buying an additional 1,422 shares in the last quarter. Aperio Group LLC grew its holdings in ICON PLC by 5.8% in the 3rd quarter. Aperio Group LLC now owns 14,958 shares of the medical research company’s stock valued at $1,703,000 after buying an additional 822 shares in the last quarter. GRATRY & Co LLC grew its holdings in ICON PLC by 5.1% in the 3rd quarter. GRATRY & Co LLC now owns 30,144 shares of the medical research company’s stock valued at $3,433,000 after buying an additional 1,474 shares in the last quarter. Finally, BB&T Corp purchased a new stake in ICON PLC in the 3rd quarter valued at $324,000. Institutional investors own 91.54% of the company’s stock.

The stock’s 50 day moving average is $113.48 and its 200 day moving average is $100.14. The company has a market capitalization of $6.55 billion, a P/E ratio of 24.57 and a beta of 0.59.

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ICON PLC Company Profile

ICON public limited company is a contract research organization (CRO), which is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company is engaged in the strategic development, management and analysis of programs that support the various stages of the clinical development process, from compound selection to Phase I-IV clinical studies.

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