Allspring Global Investments Holdings LLC Has $157.89 Million Stock Position in Icon Plc $ICLR

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Icon Plc by 18.1% in the second quarter, now owning approximately 1.31% of the company valued at $157.89 million.
• Icon Plc reported quarterly earnings of $3.26 per share, exceeding analysts' expectations, with revenue of $2.02 billion for the quarter, although this represents a 4.8% decline year-over-year.
• Rothschild & Co Redburn upgraded Icon from a "neutral" to a "buy" rating, raising the target price from $184 to $236, which reflects a more favorable outlook among analysts.

Allspring Global Investments Holdings LLC grew its stake in shares of Icon Plc (NASDAQ:ICLR - Free Report) by 18.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,060,499 shares of the medical research company's stock after purchasing an additional 162,853 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.31% of Icon worth $157,887,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ninety One UK Ltd boosted its stake in shares of Icon by 2.6% during the 2nd quarter. Ninety One UK Ltd now owns 2,993,652 shares of the medical research company's stock worth $435,427,000 after acquiring an additional 75,465 shares during the period. Ninety One North America Inc. boosted its stake in shares of Icon by 20.5% during the 2nd quarter. Ninety One North America Inc. now owns 428,851 shares of the medical research company's stock worth $62,376,000 after acquiring an additional 72,945 shares during the period. Canoe Financial LP boosted its stake in shares of Icon by 10.3% during the 2nd quarter. Canoe Financial LP now owns 193,851 shares of the medical research company's stock worth $28,196,000 after acquiring an additional 18,174 shares during the period. Running Oak Capital LLC boosted its stake in shares of Icon by 29.2% during the 2nd quarter. Running Oak Capital LLC now owns 107,218 shares of the medical research company's stock worth $15,595,000 after acquiring an additional 24,260 shares during the period. Finally, Kornitzer Capital Management Inc. KS boosted its stake in shares of Icon by 2.6% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 99,627 shares of the medical research company's stock worth $17,434,000 after acquiring an additional 2,525 shares during the period. 95.61% of the stock is currently owned by institutional investors.

Icon Price Performance

Shares of NASDAQ ICLR opened at $183.49 on Monday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.29 and a quick ratio of 1.29. Icon Plc has a fifty-two week low of $125.10 and a fifty-two week high of $301.45. The stock has a market capitalization of $14.82 billion, a PE ratio of 18.88, a P/E/G ratio of 2.72 and a beta of 1.23. The business has a fifty day moving average price of $174.56 and a two-hundred day moving average price of $156.71.

Icon (NASDAQ:ICLR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The medical research company reported $3.26 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.08. Icon had a return on equity of 10.95% and a net margin of 9.82%.The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the prior year, the company earned $3.75 EPS. Icon's revenue for the quarter was down 4.8% on a year-over-year basis. Icon has set its FY 2025 guidance at 13.000-14.000 EPS. As a group, equities analysts predict that Icon Plc will post 13.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Rothschild & Co Redburn upgraded Icon from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $184.00 to $236.00 in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Icon in a research note on Wednesday, October 8th. Jefferies Financial Group downgraded Icon from a "buy" rating to a "hold" rating and reduced their price target for the company from $220.00 to $175.00 in a research note on Tuesday, September 9th. Truist Financial boosted their price target on Icon from $187.00 to $234.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Robert W. Baird boosted their price target on Icon from $222.00 to $224.00 and gave the company an "outperform" rating in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $217.33.

About Icon

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies.

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