Icon Plc (NASDAQ:ICLR) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts have a consensus “Hold” rating on Icon, with two sell ratings, seven holds, seven buys and one strong buy. The average 12-month price target is $170.40, below the stock’s reported $173.48 price.
• Icon’s latest quarterly results slightly exceeded expectations, with adjusted EPS of $2.56 versus the $2.55 consensus and revenue of $2.06 billion versus $2.00 billion. Revenue increased 2.3% year over year, although EPS declined from $3.26 in the prior-year quarter.
• Insiders sold 9,531 shares worth about $1.57 million over the past 90 days, while institutional investors own 95.61% of the company. The stock has risen 0.7% and trades well above its 50-day moving average, but remains below its 12-month high of $203.91.

Icon Plc (NASDAQ:ICLR - Get Free Report) has earned an average rating of "Hold" from the seventeen analysts that are currently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $170.40.

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Icon from $130.00 to $155.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. Bank of America boosted their price objective on shares of Icon from $125.00 to $150.00 and gave the company an "underperform" rating in a research note on Thursday, June 25th. Weiss Ratings downgraded Icon from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, May 29th. Citigroup lifted their target price on Icon from $165.00 to $180.00 and gave the company a "neutral" rating in a report on Friday, July 31st. Finally, Truist Financial reissued a "buy" rating and set a $209.00 price target (up from $207.00) on shares of Icon in a research report on Friday, July 31st.

Insiders Place Their Bets

In related news, Director Ciaran Murray sold 2,677 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $164.29, for a total transaction of $439,804.33. Following the completion of the sale, the director owned 20,452 shares of the company's stock, valued at approximately $3,360,059.08. This represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $164.29, for a total transaction of $138,167.89. Following the completion of the transaction, the director owned 891 shares in the company, valued at $146,382.39. The trade was a 48.56% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 9,531 shares of company stock worth $1,565,764. 44.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Icon

Large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC lifted its holdings in shares of Icon by 1.1% during the 4th quarter. Sanctuary Advisors LLC now owns 4,932 shares of the medical research company's stock valued at $899,000 after acquiring an additional 56 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Icon by 11.5% in the 2nd quarter. Geneos Wealth Management Inc. now owns 541 shares of the medical research company's stock valued at $79,000 after purchasing an additional 56 shares in the last quarter. GAMMA Investing LLC increased its holdings in Icon by 21.4% in the 2nd quarter. GAMMA Investing LLC now owns 391 shares of the medical research company's stock valued at $68,000 after purchasing an additional 69 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Icon by 0.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 23,942 shares of the medical research company's stock valued at $4,363,000 after purchasing an additional 93 shares during the period. Finally, Westpac Banking Corp raised its position in Icon by 9.9% in the fourth quarter. Westpac Banking Corp now owns 1,146 shares of the medical research company's stock valued at $209,000 after purchasing an additional 103 shares during the period. Institutional investors and hedge funds own 95.61% of the company's stock.

Icon Stock Up 0.7%

Shares of NASDAQ:ICLR opened at $173.48 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market cap of $13.28 billion, a price-to-earnings ratio of 40.72, a PEG ratio of 7.13 and a beta of 1.21. The stock's 50-day moving average price is $165.23 and its two-hundred day moving average price is $133.46. Icon has a 12-month low of $66.57 and a 12-month high of $203.91.

Icon (NASDAQ:ICLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The medical research company reported $2.56 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.01. Icon had a net margin of 3.99% and a return on equity of 8.02%. The company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the prior year, the company posted $3.26 EPS. The company's quarterly revenue was up 2.3% compared to the same quarter last year. On average, research analysts forecast that Icon will post 9.58 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.

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