Medpace (NASDAQ:MEDP) Issues Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Medpace (NASDAQ:MEDP) issued its quarterly earnings results on Monday. The company reported $3.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.24, Briefing.com reports. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The company had revenue of $533.32 million during the quarter, compared to the consensus estimate of $540.99 million. During the same quarter in the previous year, the firm earned $2.22 earnings per share. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Stock Up 1.1 %

Shares of Medpace stock opened at $330.07 on Thursday. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. Medpace has a 52-week low of $239.00 and a 52-week high of $459.77. The company’s 50-day simple moving average is $353.71 and its 200-day simple moving average is $382.20.

Analyst Ratings Changes

MEDP has been the topic of a number of analyst reports. StockNews.com cut Medpace from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft cut their target price on Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Redburn Atlantic assumed coverage on Medpace in a research report on Monday, October 14th. They issued a “buy” rating and a $404.00 target price for the company. William Blair restated an “outperform” rating on shares of Medpace in a research note on Tuesday. Finally, Robert W. Baird cut Medpace from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $413.00 to $349.00 in a research note on Wednesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $380.00.

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.