Rangeley Capital LLC Takes $1.96 Million Position in Icon Plc $ICLR

Rangeley Capital LLC purchased a new position in Icon Plc (NASDAQ:ICLR) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 17,700 shares of the medical research company’s stock, valued at approximately $1,959,000. Icon comprises approximately 1.8% of Rangeley Capital LLC’s investment portfolio, making the stock its 16th biggest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP boosted its position in Icon by 26.6% during the third quarter. Wellington Management Group LLP now owns 4,637,137 shares of the medical research company’s stock valued at $811,499,000 after purchasing an additional 975,268 shares in the last quarter. Orbis Allan Gray Ltd raised its holdings in Icon by 1.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 4,214,661 shares of the medical research company’s stock worth $767,996,000 after purchasing an additional 75,843 shares in the last quarter. Invesco Ltd. raised its holdings in Icon by 9.6% in the fourth quarter. Invesco Ltd. now owns 3,756,896 shares of the medical research company’s stock worth $684,582,000 after purchasing an additional 329,266 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Icon by 10.3% during the first quarter. Principal Financial Group Inc. now owns 3,311,771 shares of the medical research company’s stock valued at $366,481,000 after buying an additional 310,236 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in shares of Icon by 8.7% during the fourth quarter. Franklin Resources Inc. now owns 2,993,336 shares of the medical research company’s stock valued at $545,410,000 after buying an additional 239,808 shares during the last quarter. 95.61% of the stock is currently owned by hedge funds and other institutional investors.

Icon Price Performance

NASDAQ:ICLR opened at $165.76 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.14 and a quick ratio of 1.14. The company’s fifty day moving average price is $151.11 and its 200-day moving average price is $136.00. Icon Plc has a 1-year low of $66.57 and a 1-year high of $203.91. The firm has a market capitalization of $12.69 billion, a P/E ratio of 29.49, a PEG ratio of 8.14 and a beta of 1.22.

Analyst Ratings Changes

A number of research firms have recently weighed in on ICLR. Barclays raised their price target on shares of Icon from $160.00 to $175.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. Mizuho increased their target price on shares of Icon from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Friday, June 26th. Truist Financial upgraded shares of Icon from a “hold” rating to a “buy” rating and raised their target price for the company from $159.00 to $207.00 in a research note on Tuesday, June 30th. Leerink Partners set a $145.00 price target on shares of Icon in a report on Thursday, May 28th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $165.00 price target on shares of Icon in a research report on Friday, May 29th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $168.73.

Icon Profile

Icon plc (NASDAQ: ICLR) is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas.

Icon’s service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions.