Medpace (NASDAQ:MEDP) Posts Quarterly Earnings Results, Beats Estimates By $0.75 EPS

Medpace (NASDAQ:MEDP) released its earnings results on Monday. The company reported $3.20 EPS for the quarter, beating the consensus estimate of $2.45 by $0.75, Briefing.com reports. The company had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $512.39 million. Medpace had a return on equity of 65.98% and a net margin of 15.92%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business posted $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 Price Performance

Shares of NASDAQ MEDP opened at $407.15 on Wednesday. Medpace has a 1-year low of $187.03 and a 1-year high of $419.42. The business’s fifty day moving average price is $397.68 and its two-hundred day moving average price is $323.14. The firm has a market capitalization of $12.61 billion, a PE ratio of 41.50, a P/E/G ratio of 1.99 and a beta of 1.38.

Insiders Place Their Bets

In other Medpace news, major shareholder Medpace Investors, Llc sold 50,000 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $391.75, for a total value of $19,587,500.00. Following the sale, the insider now directly owns 5,539,947 shares of the company’s stock, valued at $2,170,274,237.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO August J. Troendle sold 25,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $408.71, for a total transaction of $10,217,750.00. Following the transaction, the chief executive officer now directly owns 4,733,019 shares of the company’s stock, valued at $1,934,432,195.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Medpace Investors, Llc sold 50,000 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $391.75, for a total value of $19,587,500.00. Following the transaction, the insider now directly owns 5,539,947 shares in the company, valued at $2,170,274,237.25. The disclosure for this sale can be found here. Insiders have sold 189,340 shares of company stock valued at $76,651,647 over the last three months. Company insiders own 20.30% of the company’s stock.

Analysts Set New Price Targets

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