Dimensional Fund Advisors LP Raises Stake in Icon Plc $ICLR

Key Points

• Dimensional Fund Advisors increased its Icon stake by 50.8% in the first quarter, adding 265,858 shares to own 788,828 shares valued at approximately $87.3 million. Institutional investors collectively own 95.61% of ICLR.
• Icon reported quarterly revenue of $2.06 billion, up 2.3% year over year, and adjusted earnings of $2.56 per share, narrowly exceeding analyst expectations of $2.55.
• Analyst views remain mixed: seven analysts rate the stock a Buy, six a Hold and three a Sell. Icon has an average rating of “Hold” and an average price target of $168.73, below its reported share price of $177.53.

Dimensional Fund Advisors LP raised its holdings in Icon Plc (NASDAQ:ICLR - Free Report) by 50.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 788,828 shares of the medical research company's stock after purchasing an additional 265,858 shares during the quarter. Dimensional Fund Advisors LP owned about 0.98% of Icon worth $87,262,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Jennison Associates LLC purchased a new stake in Icon during the 4th quarter valued at approximately $123,542,000. Trinity Street Asset Management LLP lifted its position in Icon by 23.1% during the 4th quarter. Trinity Street Asset Management LLP now owns 1,072,428 shares of the medical research company's stock worth $195,418,000 after acquiring an additional 201,455 shares during the period. Calamos Advisors LLC purchased a new position in shares of Icon in the 4th quarter valued at approximately $4,829,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in shares of Icon in the 4th quarter valued at approximately $2,960,000. Finally, Aberdeen Group plc increased its holdings in shares of Icon by 1,667.3% in the fourth quarter. Aberdeen Group plc now owns 66,063 shares of the medical research company's stock valued at $12,038,000 after purchasing an additional 62,325 shares during the period. 95.61% of the stock is owned by hedge funds and other institutional investors.

Icon Stock Down 1.5%

Icon stock opened at $177.53 on Thursday. The stock's 50 day moving average price is $154.79 and its 200 day moving average price is $135.54. Icon Plc has a 1-year low of $66.57 and a 1-year high of $203.91. The company has a market cap of $13.59 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 8.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.14 and a quick ratio of 1.14.

Icon (NASDAQ:ICLR - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.01. Icon had a return on equity of 8.73% and a net margin of 5.35%.The firm had revenue of $2.06 billion during the quarter, compared to analysts' expectations of $2 billion. During the same quarter in the prior year, the business posted $3.26 earnings per share. Icon's revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts predict that Icon Plc will post 9.43 EPS for the current fiscal year.

Analyst Ratings Changes

ICLR has been the subject of several analyst reports. Robert W. Baird upped their price target on Icon from $168.00 to $186.00 and gave the stock an "outperform" 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. Barclays upped their price objective on shares of Icon from $160.00 to $175.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 25th. TD Cowen raised their target price on shares of Icon from $164.00 to $197.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. Finally, Mizuho lifted their target price on shares of Icon from $180.00 to $190.00 and gave the company an "outperform" rating in a report on Friday, June 26th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Icon currently has an average rating of "Hold" and an average target price of $168.73.

Icon Company 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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