Medpace (NASDAQ:MEDP) Given New $372.00 Price Target at TD Cowen

Medpace (NASDAQ:MEDP) had its price target dropped by research analysts at TD Cowen from $413.00 to $372.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 13.81% from the company’s current price.

A number of other analysts have also weighed in on MEDP. Guggenheim cut their price objective on shares of Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Robert W. Baird lowered shares of Medpace from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $413.00 to $349.00 in a research note on Wednesday. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Tuesday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. Finally, Redburn Atlantic initiated coverage on shares of Medpace in a research note on Monday, October 14th. They issued a “buy” rating and a $404.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $380.00.

Medpace Price Performance

Medpace stock traded up $0.31 during mid-day trading on Wednesday, reaching $326.85. 361,043 shares of the company traded hands, compared to its average volume of 272,736. Medpace has a fifty-two week low of $239.00 and a fifty-two week high of $459.77. The company has a market capitalization of $10.13 billion, a price-to-earnings ratio of 33.32, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. The firm’s fifty day moving average is $354.82 and its two-hundred day moving average is $382.57.

Medpace (NASDAQ:MEDP) last issued its quarterly earnings results on Monday, October 21st. The company reported $3.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.24. Medpace had a net margin of 16.74% and a return on equity of 55.14%. 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 prior year, the business posted $2.22 EPS. Medpace’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities research analysts predict that Medpace will post 11.64 earnings per share for the current year.

Hedge Funds Weigh In On Medpace

A number of institutional investors have recently bought and sold shares of MEDP. Mather Group LLC. purchased a new position in Medpace during the first quarter worth about $28,000. Sunbelt Securities Inc. increased its position in shares of Medpace by 24.5% during the first quarter. Sunbelt Securities Inc. now owns 514 shares of the company’s stock valued at $208,000 after acquiring an additional 101 shares during the last quarter. Ausbil Investment Management Ltd grew its holdings in shares of Medpace by 27.5% in the first quarter. Ausbil Investment Management Ltd now owns 6,974 shares of the company’s stock valued at $2,776,000 after purchasing an additional 1,504 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Medpace by 16.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,340 shares of the company’s stock valued at $4,179,000 after purchasing an additional 1,446 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of Medpace by 1.8% in the first quarter. State of Michigan Retirement System now owns 5,699 shares of the company’s stock valued at $2,303,000 after purchasing an additional 100 shares in the last quarter. 77.98% of the stock is owned by hedge funds and other institutional investors.

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.