Concurrent Investment Advisors LLC Makes New $6.34 Million Investment in Icon Plc $ICLR

Key Points

• Concurrent Investment Advisors established a new 36,482-share position in Icon, valued at approximately $6.34 million. Institutional investors collectively own 95.61% of the company.
• Icon exceeded quarterly expectations, reporting $2.56 in EPS versus a $2.55 consensus estimate and $2.06 billion in revenue, up 2.3% year over year.
• Shares opened at $164.85, while analysts maintained an overall “Hold” rating with an average price target of $170.40; recent insider sales were primarily intended to cover tax obligations from vested equity awards.

Concurrent Investment Advisors LLC purchased a new position in shares of Icon Plc (NASDAQ:ICLR - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 36,482 shares of the medical research company's stock, valued at approximately $6,337,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its stake in Icon by 26.6% during the 3rd quarter. Wellington Management Group LLP now owns 4,637,137 shares of the medical research company's stock worth $811,499,000 after buying an additional 975,268 shares during the period. Orbis Allan Gray Ltd increased its holdings in shares of Icon by 1.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 4,214,661 shares of the medical research company's stock worth $767,996,000 after acquiring an additional 75,843 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Icon by 9.6% in the fourth quarter. Invesco Ltd. now owns 3,756,896 shares of the medical research company's stock worth $684,582,000 after acquiring an additional 329,266 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Icon by 10.3% during the first quarter. Principal Financial Group Inc. now owns 3,311,771 shares of the medical research company's stock worth $366,481,000 after purchasing an additional 310,236 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of Icon by 8.7% during the 4th quarter. Franklin Resources Inc. now owns 2,993,336 shares of the medical research company's stock valued at $545,410,000 after purchasing an additional 239,808 shares in the last quarter. Institutional investors and hedge funds own 95.61% of the company's stock.

Icon Price Performance

NASDAQ:ICLR opened at $164.85 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $12.62 billion, a PE ratio of 38.70, a PEG ratio of 7.61 and a beta of 1.20. Icon Plc has a 52-week low of $66.57 and a 52-week high of $203.91. The stock has a 50-day simple moving average of $168.05 and a 200 day simple moving average of $135.82.

Icon (NASDAQ:ICLR - Get Free Report) last announced its earnings results on Thursday, July 30th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.01. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2 billion. Icon had a return on equity of 8.02% and a net margin of 3.99%.Icon's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 EPS. On average, sell-side analysts expect that Icon Plc will post 9.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ICLR shares. Jefferies Financial Group reiterated a "buy" rating and issued a $165.00 price objective on shares of Icon in a research report on Friday, May 29th. Zacks Research upgraded shares of Icon from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. Barclays lifted their price target on shares of Icon from $160.00 to $175.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. DA Davidson set a $164.00 price target on shares of Icon in a report on Monday, June 1st. Finally, Robert W. Baird set a $194.00 price objective on shares of Icon in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $170.40.

Insider Buying and Selling

In related news, Director Ronan Murphy sold 841 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $164.29, for a total value of $138,167.89. Following the completion of the transaction, the director owned 3,847 shares of the company's stock, valued at approximately $632,023.63. This trade represents a 17.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anne Whitaker sold 841 shares of Icon stock in a transaction 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 sale, the director owned 891 shares in the company, valued at $146,382.39. The trade was a 48.56% decrease in their ownership of the stock. 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. Insiders sold 9,531 shares of company stock valued at $1,565,764 over the last ninety days. Insiders own 44.00% of the company's stock.

Icon Profile

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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