Trinity Street Asset Management LLP Grows Holdings in Icon Plc $ICLR

Trinity Street Asset Management LLP grew its stake in shares of Icon Plc (NASDAQ:ICLR) by 27.1% during the second quarter, Holdings Channel reports. The institutional investor owned 1,535,462 shares of the medical research company’s stock after purchasing an additional 327,314 shares during the quarter. Icon comprises 13.7% of Trinity Street Asset Management LLP’s portfolio, making the stock its 2nd biggest holding. Trinity Street Asset Management LLP’s holdings in Icon were worth $266,725,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. EFG International AG purchased a new position in shares of Icon in the fourth quarter valued at about $27,000. Abound Financial LLC bought a new position in shares of Icon in the 4th quarter worth approximately $54,000. GAMMA Investing LLC raised its holdings in Icon by 21.4% in the second quarter. GAMMA Investing LLC now owns 391 shares of the medical research company’s stock worth $68,000 after purchasing an additional 69 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of Icon in the 3rd quarter worth about $71,000. Finally, Blue Trust Inc. increased its stake in shares of Icon by 207.5% during the first quarter. Blue Trust Inc. now owns 658 shares of the medical research company’s stock valued at $73,000 after purchasing an additional 444 shares in the last quarter. 95.61% of the stock is owned by hedge funds and other institutional investors.

More Icon News

Here are the key news stories impacting Icon this week:

• Positive Sentiment: Icon’s latest quarterly results modestly exceeded expectations: adjusted earnings were $2.56 per share versus a $2.55 consensus, while revenue of $2.06 billion topped estimates of $2.00 billion. Revenue grew 2.3% year over year, supporting the stock despite lower earnings than the prior-year quarter.
• Positive Sentiment: Several analysts maintain bullish targets above recent trading levels. BMO Capital Markets raised its target to $187 and Mizuho lifted its target to $190, while the broader analyst consensus is a “Hold” with an average target of $170.40. Should You Bring The Luck Of The Irish To Your Investments?
• Neutral Sentiment: CEO Barry Balfe sold 382 shares worth approximately $62,675, while CFO Nigel Clerkin sold 2,267 shares worth about $372,445. Six directors also sold shares, including Ciaran Murray’s approximately $439,804 transaction. All sales were disclosed as tax-withholding transactions tied to equity award vesting, and the executives and directors retained stock afterward. Icon CEO Sells Stock
• Neutral Sentiment: Reported short interest was zero shares, indicating no measurable short-selling pressure; however, this also provides limited evidence of potential short-covering support.
• Neutral Sentiment: ICLR trades well above its 200-day moving average and carries a relatively elevated valuation, with a price-to-earnings ratio near 39 and a PEG ratio of 6.88. This suggests investors are already pricing in substantial future growth.

Insider Activity at Icon

In related news, CFO Nigel Bernard John Clerkin sold 2,267 shares of Icon stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $164.29, for a total transaction of $372,445.43. Following the transaction, the chief financial officer owned 5,881 shares in the company, valued at approximately $966,189.49. The trade was a 27.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anne Clem Whitaker sold 841 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $138,167.89. Following the sale, the director owned 891 shares of the company’s stock, valued at $146,382.39. This represents a 48.56% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 9,531 shares of company stock worth $1,565,764 in the last 90 days. Company insiders own 44.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ICLR. Jefferies Financial Group reaffirmed a “buy” rating and issued a $165.00 price target on shares of Icon in a research report on Friday, May 29th. JPMorgan Chase & Co. increased their target price on Icon from $130.00 to $155.00 and gave the company a “neutral” rating in a research note on Thursday, June 25th. Bank of America increased their price objective on Icon from $125.00 to $150.00 and gave the company an “underperform” rating in a research report on Thursday, June 25th. Barclays increased their price objective on shares of Icon from $160.00 to $175.00 and gave the company an “equal weight” rating in a research report on Thursday, June 25th. Finally, BMO Capital Markets increased their target price on Icon from $160.00 to $187.00 and gave the company an “outperform” rating in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $170.40.

Icon Stock Performance

NASDAQ:ICLR opened at $167.17 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a 50-day simple moving average of $161.93 and a two-hundred day simple moving average of $134.18. The firm has a market capitalization of $12.80 billion, a PE ratio of 39.24, a P/E/G ratio of 6.86 and a beta of 1.21. Icon Plc has a 52-week low of $66.57 and a 52-week high of $203.91.

Icon (NASDAQ:ICLR) last issued its quarterly earnings results on Thursday, July 30th. The medical research company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.01. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2 billion. Icon had a net margin of 3.99% and a return on equity of 8.02%. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 earnings per share. Analysts forecast that Icon Plc will post 9.57 EPS for the current year.

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.