Medpace (NASDAQ:MEDP) Announces Quarterly Earnings Results, Beats Expectations By $0.21 EPS

Medpace (NASDAQ:MEDP) posted its quarterly earnings data on Monday. The company reported $2.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.54 by $0.21, Briefing.com reports. Medpace had a net margin of 16.74% and a return on equity of 59.91%. The firm had revenue of $528.10 million for the quarter, compared to the consensus estimate of $528.41 million. During the same period in the previous year, the firm earned $1.93 EPS. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. Medpace updated its FY24 guidance to $11.24-11.93 EPS and its FY 2024 guidance to 11.240-11.930 EPS.

Medpace Trading Down 18.3 %

MEDP stock opened at $357.30 on Wednesday. The firm has a 50 day moving average of $405.29 and a 200-day moving average of $381.65. The firm has a market capitalization of $11.07 billion, a P/E ratio of 36.42, a price-to-earnings-growth ratio of 2.16 and a beta of 1.36. Medpace has a 12 month low of $227.21 and a 12 month high of $459.77.

Wall Street Analysts Forecast Growth

MEDP has been the topic of a number of research analyst reports. TD Cowen began coverage on Medpace in a research note on Wednesday, May 29th. They issued a “buy” rating and a $452.00 target price on the stock. Jefferies Financial Group upgraded Medpace from a “hold” rating to a “buy” rating and lifted their target price for the stock from $340.00 to $450.00 in a research note on Tuesday, April 23rd. Robert W. Baird increased their target price on shares of Medpace from $456.00 to $469.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. Guggenheim upped their price objective on Medpace from $453.00 to $464.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, William Blair reissued an “outperform” rating on shares of Medpace in a report on Tuesday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Medpace has an average rating of “Moderate Buy” and an average price target of $445.29.

Insiders Place Their Bets

In other news, CEO August J. Troendle sold 5,695 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $395.49, for a total value of $2,252,315.55. Following the transaction, the chief executive officer now owns 654,656 shares of the company’s stock, valued at $258,909,901.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO August J. Troendle sold 5,695 shares of Medpace stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $395.49, for a total transaction of $2,252,315.55. Following the completion of the sale, the chief executive officer now owns 654,656 shares in the company, valued at approximately $258,909,901.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO August J. Troendle sold 15,102 shares of Medpace stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $400.69, for a total transaction of $6,051,220.38. Following the sale, the chief executive officer now owns 791,541 shares of the company’s stock, valued at $317,162,563.29. The disclosure for this sale can be found here. Insiders have sold 29,621 shares of company stock worth $11,816,852 in the last three months. 20.30% of the stock is currently owned by corporate insiders.

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.