Medpace (NASDAQ:MEDP) Posts Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Medpace (NASDAQ:MEDP) announced its quarterly earnings results on Monday. The company reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.24, Briefing.com reports. The business had revenue of $533.32 million for the quarter, compared to the consensus estimate of $540.99 million. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The business’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business posted $2.22 EPS. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Price Performance

Shares of MEDP traded up $3.53 during trading hours on Wednesday, hitting $330.07. 630,300 shares of the company were exchanged, compared to its average volume of 274,050. The company has a market capitalization of $10.23 billion, a PE ratio of 33.32, a PEG ratio of 1.77 and a beta of 1.35. The firm has a fifty day simple moving average of $354.82 and a 200-day simple moving average of $382.57. Medpace has a one year low of $239.00 and a one year high of $459.77.

Analysts Set New Price Targets

Several analysts recently commented on MEDP shares. Deutsche Bank Aktiengesellschaft lowered their target price on Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. TD Cowen lowered their target price on Medpace from $413.00 to $372.00 and set a “buy” rating on the stock in a research report on Wednesday. UBS Group cut Medpace from a “buy” rating to a “neutral” rating and lowered their target price for the company from $420.00 to $350.00 in a research report on Friday, September 27th. Guggenheim lowered their target price on Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Finally, Redburn Atlantic initiated coverage on Medpace in a research report on Monday, October 14th. They set a “buy” rating and a $404.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Medpace has a consensus rating of “Hold” and a consensus price target of $380.00.

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.