Icon (NASDAQ:ICLR) Releases Earnings Results

Icon (NASDAQ:ICLR) issued its quarterly earnings results on Wednesday. The medical research company reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.01, FiscalAI reports. Icon had a return on equity of 8.73% and a net margin of 5.35%.The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2 billion.

Icon Trading Down 1.5%

NASDAQ ICLR traded down $2.71 on Wednesday, hitting $177.53. The company’s stock had a trading volume of 1,571,935 shares, compared to its average volume of 1,423,375. The company’s 50-day moving average is $153.54 and its 200 day moving average is $135.61. The firm has a market cap of $13.59 billion, a PE ratio of 31.59, a PEG ratio of 8.28 and a beta of 1.22. Icon has a 1-year low of $66.57 and a 1-year high of $203.91. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.31.

Institutional Trading of Icon

Several institutional investors have recently modified their holdings of ICLR. Geneos Wealth Management Inc. raised its position in Icon by 11.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 541 shares of the medical research company’s stock worth $79,000 after purchasing an additional 56 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Icon by 0.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 23,942 shares of the medical research company’s stock valued at $4,363,000 after buying an additional 93 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Icon by 8.6% in the 4th quarter. NewEdge Advisors LLC now owns 1,309 shares of the medical research company’s stock valued at $238,000 after buying an additional 104 shares during the last quarter. SkyView Investment Advisors LLC increased its stake in shares of Icon by 1.8% in the second quarter. SkyView Investment Advisors LLC now owns 6,321 shares of the medical research company’s stock valued at $914,000 after buying an additional 113 shares during the period. Finally, EFG International AG bought a new position in shares of Icon during the fourth quarter worth about $27,000. Institutional investors own 95.61% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on ICLR shares. Truist Financial upgraded Icon from a “hold” rating to a “buy” rating and lifted their target price for the company from $159.00 to $207.00 in a research report on Tuesday, June 30th. Piper Sandler lowered shares of Icon to a “neutral” rating in a report on Thursday, May 28th. Weiss Ratings cut shares of Icon from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, May 29th. DA Davidson set a $164.00 target price on shares of Icon in a research report on Monday, June 1st. Finally, Robert W. Baird increased their price target on Icon from $168.00 to $186.00 and gave the company an “outperform” rating in a research note on Thursday, June 25th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Icon presently has a consensus rating of “Hold” and a consensus price target of $168.73.

About Icon

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.