Medpace (NASDAQ:MEDP) Sets New 12-Month High Following Analyst Upgrade

Medpace Holdings, Inc. (NASDAQ:MEDP) reached a new 52-week high during mid-day trading on Monday after Robert W. Baird raised their price target on the stock from $240.00 to $250.00. The stock traded as high as $276.57 and last traded at $276.57, with a volume of 51441 shares traded. The stock had previously closed at $271.11.

Several other research firms have also issued reports on MEDP. StockNews.com lowered shares of Medpace from a “buy” rating to a “hold” rating in a research report on Saturday, September 2nd. UBS Group increased their price objective on shares of Medpace from $215.00 to $270.00 in a research report on Wednesday, July 26th. Finally, Guggenheim increased their price objective on shares of Medpace from $252.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $264.33.

Insiders Place Their Bets

In other news, CFO Kevin M. Brady sold 7,000 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $255.00, for a total value of $1,785,000.00. Following the completion of the transaction, the chief financial officer now owns 6,000 shares of the company’s stock, valued at $1,530,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Robert O. Kraft sold 13,782 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $265.67, for a total value of $3,661,463.94. Following the completion of the transaction, the director now owns 188 shares of the company’s stock, valued at $49,945.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin M. Brady sold 7,000 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $255.00, for a total transaction of $1,785,000.00. Following the completion of the transaction, the chief financial officer now directly owns 6,000 shares of the company’s stock, valued at approximately $1,530,000. The disclosure for this sale can be found here. Insiders have sold 42,632 shares of company stock worth $11,004,885 over the last ninety days. Corporate insiders own 25.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Portside Wealth Group LLC bought a new position in Medpace in the 2nd quarter valued at approximately $273,000. Alberta Investment Management Corp raised its holdings in Medpace by 7.3% in the 2nd quarter. Alberta Investment Management Corp now owns 29,304 shares of the company’s stock valued at $7,038,000 after buying an additional 1,991 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in Medpace in the 2nd quarter valued at approximately $54,927,000. Comerica Bank bought a new position in Medpace in the 2nd quarter valued at approximately $41,010,000. Finally, Osaic Holdings Inc. raised its holdings in Medpace by 29.0% in the 2nd quarter. Osaic Holdings Inc. now owns 11,292 shares of the company’s stock valued at $2,712,000 after buying an additional 2,539 shares during the last quarter. Institutional investors own 77.98% of the company’s stock.

Medpace Stock Performance

The business’s fifty day moving average is $255.50 and its 200-day moving average is $220.89. The firm has a market cap of $8.54 billion, a P/E ratio of 33.38 and a beta of 1.37.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings data on Monday, July 24th. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.90 by $0.03. The firm had revenue of $460.90 million for the quarter, compared to the consensus estimate of $433.75 million. Medpace had a net margin of 16.06% and a return on equity of 72.88%. The business’s revenue for the quarter was up 31.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 EPS. Analysts predict that Medpace Holdings, Inc. will post 8.39 EPS for the current fiscal year.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. It offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. The company also 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.