Irenic Capital Management LP Takes Position in Icon Plc $ICLR

Irenic Capital Management LP acquired a new position in Icon Plc (NASDAQ:ICLR) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 8,000 shares of the medical research company’s stock, valued at approximately $1,458,000.

Other institutional investors have also bought and sold shares of the company. Muhlenkamp & Co. Inc. acquired a new stake in Icon in the third quarter worth about $12,857,000. First National Bank of Omaha acquired a new stake in Icon in the third quarter worth about $6,267,000. Allspring Global Investments Holdings LLC lifted its holdings in Icon by 1.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,080,192 shares of the medical research company’s stock worth $203,800,000 after purchasing an additional 11,335 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Icon in the third quarter worth about $39,074,000. Finally, Jennison Associates LLC acquired a new stake in Icon in the fourth quarter worth about $123,542,000. Institutional investors and hedge funds own 95.61% of the company’s stock.

Analysts Set New Price Targets

ICLR has been the subject of several research analyst reports. Piper Sandler downgraded shares of Icon to a “neutral” rating in a report on Thursday, May 28th. Citigroup upped their price objective on shares of Icon from $120.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. DA Davidson set a $164.00 price target on shares of Icon in a report on Monday, June 1st. Bank of America reissued an “outperform” rating on shares of Icon in a report on Monday, June 1st. Finally, JPMorgan Chase & Co. upped their price target on shares of Icon from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $156.44.

Icon Price Performance

NASDAQ ICLR opened at $143.27 on Thursday. The stock’s 50-day moving average price is $123.69 and its two-hundred day moving average price is $139.54. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.31. The company has a market cap of $10.97 billion, a PE ratio of 23.26, a PEG ratio of 11.34 and a beta of 1.26. Icon Plc has a 1 year low of $66.57 and a 1 year high of $211.00.

Icon (NASDAQ:ICLR) last posted its quarterly earnings data on Wednesday, June 17th. The medical research company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $1.99 billion. Icon had a return on equity of 9.50% and a net margin of 5.98%.The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.43 EPS. On average, analysts predict that Icon Plc will post 9.74 EPS for the current year.

Icon Company 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.