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

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

Other research analysts have also issued research reports about the company. Truist Financial started coverage on Medpace in a research report on Thursday, August 1st. They set a “hold” rating and a $415.00 price objective for the company. Jefferies Financial Group downgraded Medpace from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $415.00 to $345.00 in a research note on Wednesday. Guggenheim lowered their target price on Medpace from $464.00 to $432.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Robert W. Baird reduced their price target on shares of Medpace from $430.00 to $413.00 and set an “outperform” rating on the stock in a research report on Friday, September 20th. Finally, TD Cowen lowered their price objective on shares of Medpace from $452.00 to $434.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $395.00.

Medpace Price Performance

Shares of MEDP opened at $331.44 on Friday. The firm has a market capitalization of $10.27 billion, a P/E ratio of 33.79, a PEG ratio of 1.88 and a beta of 1.35. Medpace has a one year low of $227.21 and a one year high of $459.77. The business has a fifty day moving average of $368.39 and a 200 day moving average of $389.69.

Medpace (NASDAQ:MEDP) last released its quarterly earnings results on Monday, July 22nd. The company reported $2.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.54 by $0.21. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The business had revenue of $528.10 million during the quarter, compared to analyst estimates of $528.41 million. During the same quarter in the previous year, the company posted $1.93 earnings per share. Medpace’s revenue for the quarter was up 14.6% on a year-over-year basis. Analysts expect that Medpace will post 11.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Medpace by 5.9% in the fourth quarter. Vanguard Group Inc. now owns 2,556,443 shares of the company’s stock valued at $783,626,000 after acquiring an additional 142,591 shares in the last quarter. TD Asset Management Inc raised its stake in Medpace by 22.9% in the first quarter. TD Asset Management Inc now owns 574,149 shares of the company’s stock valued at $232,042,000 after buying an additional 107,108 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Medpace by 38.3% in the second quarter. Renaissance Technologies LLC now owns 443,588 shares of the company’s stock worth $182,692,000 after acquiring an additional 122,800 shares in the last quarter. Epoch Investment Partners Inc. grew its stake in shares of Medpace by 15.3% during the first quarter. Epoch Investment Partners Inc. now owns 406,446 shares of the company’s stock worth $164,265,000 after acquiring an additional 53,983 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Medpace by 55.1% during the second quarter. Clearbridge Investments LLC now owns 403,892 shares of the company’s stock valued at $166,343,000 after acquiring an additional 143,481 shares in the last quarter. 77.98% of the stock is currently owned by hedge funds and other institutional investors.

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.