Icon (NASDAQ:ICLR) Releases Earnings Results

Icon (NASDAQ:ICLR) announced its quarterly earnings data on Wednesday. The medical research company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $2.95 by $0.28, FiscalAI reports. Icon had a net margin of 7.40% and a return on equity of 10.58%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $1.99 billion.

Icon Price Performance

Shares of ICLR traded up $4.60 during trading hours on Wednesday, reaching $118.45. The company had a trading volume of 1,746,794 shares, compared to its average volume of 1,577,417. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $111.14 and a 200-day simple moving average of $141.95. Icon has a 12-month low of $66.57 and a 12-month high of $211.00. The company has a market capitalization of $9.57 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 3.05 and a beta of 1.23.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ICLR. Robert W. Baird set a $119.00 target price on shares of Icon in a report on Friday, February 13th. Weiss Ratings cut shares of Icon from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 18th. Zacks Research cut shares of Icon from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 25th. JPMorgan Chase & Co. cut their price objective on shares of Icon from $175.00 to $120.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. Finally, Citigroup cut their price objective on shares of Icon from $200.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday, March 11th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $147.67.

Hedge Funds Weigh In On Icon

Several hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in shares of Icon by 11.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 541 shares of the medical research company’s stock worth $79,000 after purchasing an additional 56 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Icon by 0.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 23,942 shares of the medical research company’s stock worth $4,363,000 after acquiring an additional 93 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Icon by 8.6% in the fourth quarter. NewEdge Advisors LLC now owns 1,309 shares of the medical research company’s stock worth $238,000 after acquiring an additional 104 shares during the last quarter. SkyView Investment Advisors LLC boosted its position in shares of Icon by 1.8% in the second quarter. SkyView Investment Advisors LLC now owns 6,321 shares of the medical research company’s stock worth $914,000 after acquiring an additional 113 shares during the last quarter. Finally, EFG International AG acquired a new stake in shares of Icon in the fourth quarter worth approximately $27,000. 95.61% of the stock is currently owned by hedge funds and other institutional investors.

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.