Icon Plc $ICLR Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp cut its Icon Plc stake by 32.5% in the fourth quarter, selling 11,855 shares and leaving it with 24,587 shares valued at about $4.48 million.
• Institutional ownership remains very high, with 95.61% of Icon’s stock held by institutions and hedge funds. Several firms recently initiated or increased positions, including Allspring Global Investments, which now holds more than 1.08 million shares.
• Wall Street’s view on Icon is mixed: the stock has a consensus rating of Hold and an average price target of $149.38, with analysts split between Buy, Hold, and Sell ratings.

Truist Financial Corp reduced its holdings in Icon Plc (NASDAQ:ICLR - Free Report) by 32.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,587 shares of the medical research company's stock after selling 11,855 shares during the period. Truist Financial Corp's holdings in Icon were worth $4,480,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Muhlenkamp & Co. Inc. acquired a new stake in shares of Icon in the third quarter worth approximately $12,857,000. Mitchell Capital Management Co. acquired a new stake in shares of Icon in the third quarter worth approximately $1,627,000. First National Bank of Omaha acquired a new stake in shares of Icon in the third quarter worth approximately $6,267,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Icon by 1.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,080,192 shares of the medical research company's stock worth $203,800,000 after acquiring an additional 11,335 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Icon in the third quarter worth approximately $39,074,000. 95.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ICLR. Robert W. Baird set a $119.00 price target on Icon in a research note on Friday, February 13th. BMO Capital Markets raised Icon from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $100.00 to $130.00 in a research note on Thursday, March 26th. Jefferies Financial Group set a $135.00 price target on Icon and gave the stock a "buy" rating in a research note on Monday, February 23rd. Barclays lowered their price target on Icon from $200.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Monday, March 9th. Finally, Bank of America reaffirmed an "underperform" rating and issued a $75.00 price target on shares of Icon in a research note on Thursday, February 12th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Icon currently has a consensus rating of "Hold" and an average price target of $149.38.

Icon Stock Performance

Shares of Icon stock opened at $124.49 on Monday. Icon Plc has a one year low of $66.57 and a one year high of $211.00. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 16.85, a PEG ratio of 3.25 and a beta of 1.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.06 and a current ratio of 1.06. The business's 50 day moving average price is $108.25 and its 200 day moving average price is $147.36.

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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