Synovus Financial Corp Reduces Holdings in Medpace Holdings, Inc. (NASDAQ:MEDP)

Synovus Financial Corp decreased its holdings in shares of Medpace Holdings, Inc. (NASDAQ:MEDP) by 13.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,710 shares of the company’s stock after selling 257 shares during the period. Synovus Financial Corp’s holdings in Medpace were worth $571,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. State Street Corp grew its stake in shares of Medpace by 7.2% during the third quarter. State Street Corp now owns 752,957 shares of the company’s stock worth $251,337,000 after acquiring an additional 50,312 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Medpace by 7.6% during the third quarter. Geode Capital Management LLC now owns 628,054 shares of the company’s stock worth $209,885,000 after acquiring an additional 44,371 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Medpace by 38.3% during 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 during the last quarter. Wellington Management Group LLP grew its stake in shares of Medpace by 36.0% during the third quarter. Wellington Management Group LLP now owns 415,255 shares of the company’s stock worth $138,612,000 after acquiring an additional 109,886 shares during the last quarter. Finally, Clearbridge Investments LLC grew its stake in shares of Medpace by 55.1% during the second quarter. Clearbridge Investments LLC now owns 403,892 shares of the company’s stock worth $166,343,000 after acquiring an additional 143,481 shares during the last quarter. Hedge funds and other institutional investors own 77.98% of the company’s stock.

Medpace Price Performance

Shares of MEDP stock opened at $348.48 on Wednesday. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 1.89 and a beta of 1.37. The stock has a 50 day simple moving average of $339.75 and a 200-day simple moving average of $367.14. Medpace Holdings, Inc. has a 1-year low of $277.72 and a 1-year high of $459.77.

Medpace (NASDAQ:MEDP) last announced its earnings results on Monday, October 21st. The company reported $3.01 earnings per share for the quarter, topping the consensus estimate of $2.77 by $0.24. The business had revenue of $533.32 million during the quarter, compared to the consensus estimate of $540.99 million. Medpace had a return on equity of 50.87% and a net margin of 17.66%. The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.22 EPS. Analysts anticipate that Medpace Holdings, Inc. will post 11.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MEDP. UBS Group downgraded Medpace from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $420.00 to $350.00 in a report on Friday, September 27th. Redburn Atlantic initiated coverage on Medpace in a report on Monday, October 14th. They set a “buy” rating and a $404.00 target price for the company. Baird R W downgraded Medpace from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Jefferies Financial Group downgraded Medpace from a “buy” rating to a “hold” rating and decreased their price target for the company from $415.00 to $345.00 in a report on Wednesday, September 25th. Finally, TD Cowen decreased their price target on Medpace from $413.00 to $372.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Medpace has a consensus rating of “Hold” and a consensus target price of $380.56.

Medpace Profile

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.