TD Cowen Trims Medpace (NASDAQ:MEDP) Target Price to $372.00

Medpace (NASDAQ:MEDP) had its price target reduced by TD Cowen from $413.00 to $372.00 in a research report released on Wednesday, Benzinga reports. TD Cowen currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Truist Financial dropped their price objective on Medpace from $415.00 to $397.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft lowered their price target on Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Jefferies Financial Group downgraded Medpace from a “buy” rating to a “hold” rating and lowered their price target for the company from $415.00 to $345.00 in a research report on Wednesday, September 25th. William Blair restated an “outperform” rating on shares of Medpace in a research report on Tuesday, October 22nd. Finally, Guggenheim lowered their price target on Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $380.00.

Medpace Stock Performance

NASDAQ:MEDP opened at $330.22 on Wednesday. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 1.74 and a beta of 1.35. Medpace has a 52-week low of $239.00 and a 52-week high of $459.77. The stock has a fifty day moving average of $351.45 and a 200 day moving average of $381.28.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings data on Monday, October 21st. The company reported $3.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.24. The company had revenue of $533.32 million during the quarter, compared to analyst estimates of $540.99 million. Medpace had a return on equity of 50.87% and a net margin of 17.66%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $2.22 earnings per share. Equities analysts forecast that Medpace will post 11.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. TD Asset Management Inc increased its holdings in shares of Medpace by 22.9% in the first quarter. TD Asset Management Inc now owns 574,149 shares of the company’s stock worth $232,042,000 after buying an additional 107,108 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Medpace by 38.3% in the second quarter. Renaissance Technologies LLC now owns 443,588 shares of the company’s stock worth $182,692,000 after buying an additional 122,800 shares during the period. Epoch Investment Partners Inc. increased its holdings in shares of Medpace by 15.3% in the first quarter. Epoch Investment Partners Inc. now owns 406,446 shares of the company’s stock worth $164,265,000 after buying an additional 53,983 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Medpace by 55.1% in the second quarter. Clearbridge Investments LLC now owns 403,892 shares of the company’s stock worth $166,343,000 after buying an additional 143,481 shares during the period. Finally, Bessemer Group Inc. increased its holdings in Medpace by 1.6% during the 1st quarter. Bessemer Group Inc. now owns 394,834 shares of the company’s stock valued at $159,572,000 after purchasing an additional 6,137 shares during the period. Hedge funds and other institutional investors own 77.98% of the company’s stock.

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.