9,055 Icon Plc $ICLR Shares Sold by State of Wyoming

Key Points

• State of Wyoming cut its Icon position by 40.7% in the third quarter, selling 9,055 shares and retaining 13,173 shares valued at approximately $2.24 million. Institutional investors own 95.61% of Icon’s outstanding stock.
• Icon reported quarterly earnings of $2.66 per share, exceeding analysts’ $2.62 estimate, while revenue reached $2.02 billion. However, revenue declined 0.9% year over year and net margin was 5.45%.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $213.76; recent targets range from $185 to $249.

State of Wyoming reduced its position in Icon Plc (NASDAQ:ICLR - Free Report) by 40.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,173 shares of the medical research company's stock after selling 9,055 shares during the quarter. Icon makes up about 0.2% of State of Wyoming's holdings, making the stock its 24th largest position. State of Wyoming's holdings in Icon were worth $2,239,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in ICLR. GAMMA Investing LLC grew its stake in shares of Icon by 21.4% during the 2nd quarter. GAMMA Investing LLC now owns 391 shares of the medical research company's stock worth $68,000 after acquiring an additional 69 shares during the period. Blue Trust Inc. raised its stake in Icon by 207.5% in the 1st quarter. Blue Trust Inc. now owns 658 shares of the medical research company's stock valued at $73,000 after acquiring an additional 444 shares during the period. Fifth Third Bancorp raised its stake in Icon by 1,062.0% in the 1st quarter. Fifth Third Bancorp now owns 918 shares of the medical research company's stock valued at $102,000 after acquiring an additional 839 shares during the period. Parkside Financial Bank & Trust raised its stake in Icon by 120.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 616 shares of the medical research company's stock valued at $107,000 after acquiring an additional 336 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in Icon by 804.8% during the first quarter. Bessemer Group Inc. now owns 1,312 shares of the medical research company's stock valued at $145,000 after purchasing an additional 1,167 shares during the last quarter. 95.61% of the stock is currently owned by institutional investors.

Icon Stock Down 1.9%

Shares of NASDAQ:ICLR opened at $211.36 on Friday. The firm has a fifty day moving average price of $171.97 and a two-hundred day moving average price of $146.52. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 13.93 and a beta of 1.24. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.32 and a quick ratio of 0.95. Icon Plc has a one year low of $66.57 and a one year high of $219.04.

Icon (NASDAQ:ICLR - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The medical research company reported $2.66 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.04. Icon had a net margin of 5.45% and a return on equity of 7.73%. The firm had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $2.01 billion. During the same quarter in the prior year, the firm posted $3.31 earnings per share. The business's quarterly revenue was down .9% on a year-over-year basis. Analysts anticipate that Icon Plc will post 9.55 EPS for the current fiscal year.

Insider Transactions at Icon

In other Icon news, Director Ciaran Murray sold 2,677 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $439,804.33. Following the sale, the director owned 20,452 shares of the company's stock, valued at $3,360,059.08. This trade represents a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Eugene Mccague sold 3,255 shares of Icon stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $175.00, for a total value of $569,625.00. Following the sale, the director owned 3,811 shares of the company's stock, valued at approximately $666,925. This trade represents a 46.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 23,068 shares of company stock worth $3,936,744. 44.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ICLR. Weiss Ratings upgraded shares of Icon from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday. Barclays boosted their price target on shares of Icon from $175.00 to $230.00 and gave the company an "equal weight" rating in a research report on Thursday. Bank of America upgraded shares of Icon from an "underperform" rating to a "neutral" rating and set a $185.00 price target on the stock in a research note on Friday, October 9th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $235.00 price objective on shares of Icon in a report on Thursday. Finally, Robert W. Baird raised their price objective on shares of Icon from $210.00 to $249.00 and gave the stock an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Icon currently has a consensus rating of "Moderate Buy" and an average target price of $213.76.

Icon Company Profile

ICON plc is a global contract research organization that provides outsourced development services to pharmaceutical, biotechnology and medical device companies. The company supports clinical research programs from early development through late-stage trials, regulatory submission and post-marketing activities.

Its services include clinical trial management, medical and regulatory consulting, biostatistics, data management, pharmacovigilance, laboratory services and real-world evidence solutions.

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