TD Cowen Cuts Medpace (NASDAQ:MEDP) Price Target to $372.00

Medpace (NASDAQ:MEDP) had its price objective reduced by TD Cowen from $413.00 to $372.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of 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 began coverage on shares of Medpace in a research note on Monday, October 14th. They issued a “buy” rating and a $404.00 price target for the company. Robert W. Baird lowered shares of Medpace from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $413.00 to $349.00 in a report on Wednesday. William Blair reissued an “outperform” rating on shares of Medpace in a research report on Tuesday. Finally, Truist Financial dropped their price target on Medpace from $415.00 to $397.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $380.00.

Medpace Stock Performance

Shares of Medpace stock opened at $330.22 on Wednesday. The company’s 50 day moving average price is $351.45 and its 200-day moving average price is $381.28. Medpace has a 52-week low of $239.00 and a 52-week high of $459.77. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 1.74 and a beta of 1.35.

Medpace (NASDAQ:MEDP) last announced its quarterly earnings results on Monday, October 21st. The company reported $3.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.24. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $540.99 million. Medpace had a net margin of 17.66% and a return on equity of 50.87%. The company’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.22 EPS. As a group, equities research analysts forecast that Medpace will post 11.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Mather Group LLC. purchased a new position in Medpace during the first quarter valued at $28,000. Sunbelt Securities Inc. increased its holdings in Medpace by 24.5% in the 1st quarter. Sunbelt Securities Inc. now owns 514 shares of the company’s stock worth $208,000 after acquiring an additional 101 shares in the last quarter. Ausbil Investment Management Ltd raised its stake in Medpace by 27.5% during the 1st quarter. Ausbil Investment Management Ltd now owns 6,974 shares of the company’s stock worth $2,776,000 after acquiring an additional 1,504 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Medpace by 16.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,340 shares of the company’s stock valued at $4,179,000 after purchasing an additional 1,446 shares in the last quarter. Finally, State of Michigan Retirement System boosted its position in shares of Medpace by 1.8% in the first quarter. State of Michigan Retirement System now owns 5,699 shares of the company’s stock worth $2,303,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 77.98% of the company’s stock.

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.