Leith Wheeler Investment Counsel Ltd. Makes New Investment in Icon Plc $ICLR

Key Points

• Leith Wheeler Investment Counsel Ltd. opened a new position in Icon Plc during the first quarter, buying 81,408 shares worth about $9.0 million. The stake represented roughly 0.10% of the company.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 95.61% of Icon’s stock. Several other funds also modestly increased their positions in the company.
• Analysts are mixed on ICLR: the stock has a consensus “Hold” rating with an average price target of $173.19, though some firms recently raised targets and Truist upgraded the shares to Buy. Shares were down 2.2% to $166.18 in Tuesday trading.

Leith Wheeler Investment Counsel Ltd. acquired a new stake in Icon Plc (NASDAQ:ICLR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 81,408 shares of the medical research company's stock, valued at approximately $9,009,000. Leith Wheeler Investment Counsel Ltd. owned about 0.10% of Icon at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. Sanctuary Advisors LLC grew its stake in Icon by 1.1% in the 4th quarter. Sanctuary Advisors LLC now owns 4,932 shares of the medical research company's stock worth $899,000 after acquiring an additional 56 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Icon by 11.5% during the 2nd quarter. Geneos Wealth Management Inc. now owns 541 shares of the medical research company's stock worth $79,000 after purchasing an additional 56 shares during the period. Signaturefd LLC lifted its stake in shares of Icon by 12.6% during the 4th quarter. Signaturefd LLC now owns 643 shares of the medical research company's stock worth $117,000 after purchasing an additional 72 shares during the period. New Wave Wealth Advisors LLC boosted its holdings in shares of Icon by 5.1% during the fourth quarter. New Wave Wealth Advisors LLC now owns 1,479 shares of the medical research company's stock worth $270,000 after purchasing an additional 72 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Icon by 0.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 23,942 shares of the medical research company's stock worth $4,363,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 95.61% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ICLR shares. Leerink Partners set a $145.00 target price on Icon in a research note on Thursday, May 28th. Mizuho raised their target price on shares of Icon from $180.00 to $190.00 and gave the stock an "outperform" rating in a research report on Friday, June 26th. Jefferies Financial Group restated a "buy" rating and issued a $165.00 target price on shares of Icon in a report on Friday, May 29th. DA Davidson set a $164.00 price target on shares of Icon in a research report on Monday, June 1st. Finally, Truist Financial raised shares of Icon from a "hold" rating to a "buy" rating and increased their price target for the stock from $159.00 to $207.00 in a research note on Tuesday, June 30th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $173.19.

Icon Stock Down 2.2%

Shares of NASDAQ:ICLR opened at $166.18 on Tuesday. The stock has a 50-day simple moving average of $147.16 and a 200-day simple moving average of $136.57. The stock has a market capitalization of $12.72 billion, a P/E ratio of 29.57, a PEG ratio of 8.34 and a beta of 1.22. Icon Plc has a 1 year low of $66.57 and a 1 year high of $211.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.14 and a current ratio of 1.14.

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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