PNC Financial Services Group Inc. Has $1.58 Million Position in Medpace Holdings, Inc. (NASDAQ:MEDP)

PNC Financial Services Group Inc. decreased its position in shares of Medpace Holdings, Inc. (NASDAQ:MEDP) by 12.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,717 shares of the company’s stock after selling 646 shares during the period. PNC Financial Services Group Inc.’s holdings in Medpace were worth $1,575,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MEDP. Ashton Thomas Securities LLC acquired a new stake in shares of Medpace in the 3rd quarter valued at $37,000. DT Investment Partners LLC acquired a new stake in Medpace in the second quarter valued at about $41,000. Capital Performance Advisors LLP bought a new position in Medpace in the third quarter valued at about $46,000. Ashton Thomas Private Wealth LLC acquired a new position in Medpace during the second quarter worth about $52,000. Finally, International Assets Investment Management LLC bought a new position in shares of Medpace in the second quarter worth about $61,000. 77.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MEDP shares. Robert W. Baird upped their price objective on shares of Medpace from $349.00 to $354.00 and gave the stock a “neutral” rating in a research report on Monday. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Tuesday, October 22nd. Truist Financial reduced their price objective on Medpace from $415.00 to $397.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. UBS Group downgraded Medpace from a “buy” rating to a “neutral” rating and dropped their target price for the company from $420.00 to $350.00 in a research report on Friday, September 27th. Finally, Baird R W cut Medpace from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Medpace currently has a consensus rating of “Hold” and a consensus price target of $380.56.

Medpace Stock Performance

Shares of NASDAQ MEDP opened at $335.21 on Wednesday. The company’s 50 day moving average price is $339.37 and its 200-day moving average price is $372.21. Medpace Holdings, Inc. has a 52-week low of $268.80 and a 52-week high of $459.77. The company has a market capitalization of $10.42 billion, a P/E ratio of 29.35, a price-to-earnings-growth ratio of 1.87 and a beta of 1.37.

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

Medpace Company 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.