Medpace (NASDAQ:MEDP) Issues FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $11.24-11.93 for the period, compared to the consensus estimate of $11.27. The company issued revenue guidance of $2.125-2.175 billion, compared to the consensus revenue estimate of $2.17 billion.

Medpace Trading Up 3.6 %

Shares of NASDAQ:MEDP traded up $15.05 during trading on Monday, hitting $436.36. 237,676 shares of the company’s stock traded hands, compared to its average volume of 228,985. The company has a 50-day moving average price of $405.16 and a 200-day moving average price of $380.20. Medpace has a 52 week low of $227.21 and a 52 week high of $459.77. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 42.95, a price-to-earnings-growth ratio of 2.08 and a beta of 1.36.

Medpace (NASDAQ:MEDP) last announced its quarterly earnings results on Monday, April 22nd. The company reported $3.20 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.75. Medpace had a net margin of 15.92% and a return on equity of 59.74%. The firm had revenue of $511.00 million for the quarter, compared to analyst estimates of $512.39 million. During the same quarter in the previous year, the firm posted $2.27 earnings per share. The business’s revenue was up 17.7% on a year-over-year basis. On average, analysts predict that Medpace will post 11.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MEDP shares. Guggenheim upped their target price on shares of Medpace from $453.00 to $464.00 and gave the stock a buy rating in a research note on Wednesday, April 24th. Robert W. Baird increased their price objective on Medpace from $456.00 to $469.00 and gave the stock an outperform rating in a report on Monday, July 8th. StockNews.com upgraded Medpace from a hold rating to a buy rating in a research note on Thursday, July 11th. Jefferies Financial Group raised shares of Medpace from a hold rating to a buy rating and raised their price target for the stock from $340.00 to $450.00 in a research note on Tuesday, April 23rd. Finally, TD Cowen initiated coverage on shares of Medpace in a research report on Wednesday, May 29th. They issued a buy rating and a $452.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $445.29.

Insider Buying and Selling at Medpace

In related news, CEO August J. Troendle sold 4,782 shares of Medpace stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $400.58, for a total transaction of $1,915,573.56. Following the completion of the transaction, the chief executive officer now owns 716,197 shares in the company, valued at $286,894,194.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO August J. Troendle sold 15,102 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $400.69, for a total transaction of $6,051,220.38. Following the completion of the sale, the chief executive officer now owns 791,541 shares in the company, valued at approximately $317,162,563.29. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO August J. Troendle sold 4,782 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $400.58, for a total transaction of $1,915,573.56. Following the completion of the transaction, the chief executive officer now owns 716,197 shares in the company, valued at approximately $286,894,194.26. The disclosure for this sale can be found here. Insiders sold a total of 29,621 shares of company stock worth $11,816,852 over the last quarter. 20.30% of the stock is currently owned by insiders.

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.