Entropy Technologies LP Grows Position in Icon Plc $ICLR

Key Points

• Entropy Technologies LP more than doubled its Icon stake in the first quarter, increasing holdings by 104.4% to 12,816 shares valued at approximately $1.42 million.
• Institutional ownership remains high at 95.61%, with several major investors adding to or initiating positions in Icon shares.
• Analyst sentiment is mixed: recent price-target increases include upgrades from Royal Bank of Canada, while MarketBeat reports a consensus “Hold” rating and an average target of $168.73.

Entropy Technologies LP raised its stake in shares of Icon Plc (NASDAQ:ICLR - Free Report) by 104.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,816 shares of the medical research company's stock after purchasing an additional 6,546 shares during the quarter. Entropy Technologies LP's holdings in Icon were worth $1,418,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its holdings in shares of Icon by 1.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,080,192 shares of the medical research company's stock valued at $203,800,000 after acquiring an additional 11,335 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Icon in the fourth quarter worth $123,542,000. Trinity Street Asset Management LLP raised its holdings in shares of Icon by 23.1% during the fourth quarter. Trinity Street Asset Management LLP now owns 1,072,428 shares of the medical research company's stock worth $195,418,000 after purchasing an additional 201,455 shares during the last quarter. Calamos Advisors LLC purchased a new position in shares of Icon during the fourth quarter worth $4,829,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Icon during the fourth quarter valued at $2,960,000. Hedge funds and other institutional investors own 95.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Royal Bank Of Canada raised shares of Icon from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $126.00 to $185.00 in a report on Thursday, June 25th. Barclays lifted their price objective on Icon from $160.00 to $175.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Citigroup upped their target price on Icon from $140.00 to $165.00 and gave the stock a "neutral" rating in a research note on Thursday, June 25th. BMO Capital Markets raised their target price on Icon from $160.00 to $187.00 and gave the stock an "outperform" rating in a report on Thursday, June 25th. Finally, Robert W. Baird lifted their price target on Icon from $168.00 to $186.00 and gave the company an "outperform" rating in a research report on Thursday, June 25th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $168.73.

Icon Stock Performance

Shares of ICLR stock opened at $168.78 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.31. Icon Plc has a 12-month low of $66.57 and a 12-month high of $203.91. The business's 50 day moving average is $152.21 and its two-hundred day moving average is $135.77. The company has a market capitalization of $12.92 billion, a P/E ratio of 30.03, a P/E/G ratio of 8.14 and a beta of 1.22.

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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