Medpace (NASDAQ:MEDP) Issues FY 2024 Earnings Guidance

Medpace (NASDAQ:MEDP) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 10.790-11.470 for the period, compared to the consensus estimate of 10.610. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Medpace also updated its FY24 guidance to $10.79-11.47 EPS.

Medpace Trading Up 1.1 %

MEDP opened at $376.26 on Tuesday. The stock has a market capitalization of $11.66 billion, a P/E ratio of 42.37, a P/E/G ratio of 1.97 and a beta of 1.38. Medpace has a 12 month low of $187.03 and a 12 month high of $419.42. The firm’s fifty day simple moving average is $396.82 and its 200 day simple moving average is $322.00.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings data on Monday, February 12th. The company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.22 by $0.24. The business had revenue of $498.40 million for the quarter, compared to analysts’ expectations of $498.72 million. Medpace had a net margin of 15.00% and a return on equity of 63.98%. The firm’s revenue was up 26.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.12 EPS. On average, equities research analysts predict that Medpace will post 10.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MEDP has been the topic of a number of research reports. Jefferies Financial Group upgraded shares of Medpace from a hold rating to a buy rating and upped their price target for the company from $340.00 to $450.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on shares of Medpace in a report on Monday, March 18th. They issued a hold rating and a $395.00 price objective for the company. UBS Group raised shares of Medpace from a neutral rating to a buy rating and boosted their price objective for the company from $282.00 to $452.00 in a report on Thursday, February 15th. StockNews.com downgraded shares of Medpace from a buy rating to a hold rating in a report on Saturday, March 23rd. Finally, Robert W. Baird boosted their price objective on shares of Medpace from $312.00 to $408.00 and gave the company an outperform rating in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $395.60.

Insider Transactions at Medpace

In other news, Director Ashley M. Keating sold 250 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $409.87, for a total transaction of $102,467.50. Following the completion of the sale, the director now owns 250 shares of the company’s stock, valued at approximately $102,467.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO August J. Troendle sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $412.98, for a total transaction of $41,298,000.00. Following the completion of the sale, the chief executive officer now owns 4,833,019 shares of the company’s stock, valued at approximately $1,995,940,186.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ashley M. Keating sold 250 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $409.87, for a total transaction of $102,467.50. Following the completion of the transaction, the director now directly owns 250 shares of the company’s stock, valued at approximately $102,467.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 189,340 shares of company stock valued at $76,651,647. Company insiders own 20.30% of the company’s stock.

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.