Medpace (NASDAQ:MEDP) Announces Earnings Results, Beats Expectations By $0.23 EPS

Medpace (NASDAQ:MEDP) issued its quarterly earnings results on Monday. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.78 by $0.23, Briefing.com reports. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $540.99 million. Medpace had a return on equity of 55.14% and a net margin of 16.74%. Medpace’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company posted $2.22 earnings per share. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Stock Performance

Shares of NASDAQ MEDP opened at $352.92 on Tuesday. Medpace has a fifty-two week low of $227.21 and a fifty-two week high of $459.77. The stock has a fifty day moving average of $355.97 and a 200-day moving average of $383.09. The stock has a market cap of $10.93 billion, a PE ratio of 35.98, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35.

Analysts Set New Price Targets

MEDP has been the topic of a number of recent analyst reports. Redburn Atlantic assumed coverage on Medpace in a report on Monday, October 14th. They set a “buy” rating and a $404.00 price target on the stock. William Blair restated an “outperform” rating on shares of Medpace in a research note on Wednesday, September 11th. Jefferies Financial Group lowered Medpace from a “buy” rating to a “hold” rating and lowered their target price for the company from $415.00 to $345.00 in a research note on Wednesday, September 25th. Deutsche Bank Aktiengesellschaft lowered their target price on Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. Finally, Robert W. Baird lowered their target price on Medpace from $430.00 to $413.00 and set an “outperform” rating on the stock in a research note on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Medpace presently has an average rating of “Moderate Buy” and a consensus price target of $394.00.

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.