Truist Financial Cuts IQVIA (NYSE:IQV) Price Target to $286.00

IQVIA (NYSE:IQV) had its target price cut by Truist Financial from $300.00 to $286.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the medical research company’s stock.

A number of other research analysts have also recently commented on the company. Redburn Atlantic assumed coverage on IQVIA in a research note on Monday. They issued a “buy” rating and a $276.00 target price on the stock. Barclays increased their price objective on IQVIA from $255.00 to $275.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada initiated coverage on IQVIA in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $275.00 target price for the company. Evercore ISI lowered their price objective on shares of IQVIA from $270.00 to $265.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. Finally, Morgan Stanley increased their target price on shares of IQVIA from $270.00 to $280.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $267.87.

IQVIA Price Performance

NYSE:IQV opened at $233.06 on Monday. The firm has a market capitalization of $42.46 billion, a price-to-earnings ratio of 31.84, a P/E/G ratio of 2.18 and a beta of 1.49. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day moving average of $239.14 and a 200 day moving average of $231.33. IQVIA has a 52-week low of $167.42 and a 52-week high of $261.73.

IQVIA (NYSE:IQV) last posted its quarterly earnings data on Monday, July 22nd. The medical research company reported $2.64 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.07. IQVIA had a net margin of 9.39% and a return on equity of 28.59%. The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $3.79 billion. During the same period in the prior year, the business earned $2.22 earnings per share. IQVIA’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, research analysts expect that IQVIA will post 10.25 EPS for the current fiscal year.

Insider Activity at IQVIA

In other news, insider Eric Sherbet sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The shares were sold at an average price of $246.33, for a total value of $320,229.00. Following the completion of the sale, the insider now directly owns 19,536 shares of the company’s stock, valued at approximately $4,812,302.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. 1832 Asset Management L.P. lifted its position in IQVIA by 472.3% during the second quarter. 1832 Asset Management L.P. now owns 456,335 shares of the medical research company’s stock valued at $96,487,000 after buying an additional 376,595 shares during the period. Renaissance Technologies LLC bought a new stake in IQVIA during the second quarter worth about $70,610,000. Impax Asset Management Group plc grew its holdings in IQVIA by 19.3% in the second quarter. Impax Asset Management Group plc now owns 1,635,201 shares of the medical research company’s stock worth $344,998,000 after purchasing an additional 264,555 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of IQVIA by 6.6% during the second quarter. Canada Pension Plan Investment Board now owns 3,403,488 shares of the medical research company’s stock valued at $719,634,000 after purchasing an additional 211,653 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of IQVIA by 285.1% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 268,552 shares of the medical research company’s stock worth $56,783,000 after purchasing an additional 198,808 shares in the last quarter. Hedge funds and other institutional investors own 89.62% of the company’s stock.

About IQVIA

IQVIA Holdings Inc engages in the provision of advanced analytics, technology solutions, and clinical research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.