IQVIA Holdings Inc. (NYSE:IQV) Position Cut by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its holdings in IQVIA Holdings Inc. by 22.6%, selling 10,191 shares in the first quarter, resulting in a total of 34,985 shares valued at $6,168,000.
• Numerous institutional investors, including Continuum Advisory LLC and Ballentine Partners LLC, have recently adjusted their positions in IQVIA, indicating increased interest from the investment community.
• Despite some sales from insiders, IQVIA's recent earnings report beat expectations with $2.81 EPS, showcasing a 5.3% year-over-year revenue growth of $4.02 billion.

Mackenzie Financial Corp trimmed its position in shares of IQVIA Holdings Inc. (NYSE:IQV - Free Report) by 22.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,985 shares of the medical research company's stock after selling 10,191 shares during the quarter. Mackenzie Financial Corp's holdings in IQVIA were worth $6,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. raised its position in shares of IQVIA by 53.4% in the 4th quarter. Invesco Ltd. now owns 2,590,260 shares of the medical research company's stock worth $509,012,000 after purchasing an additional 902,226 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of IQVIA by 5,036.1% in the 1st quarter. Pacer Advisors Inc. now owns 871,704 shares of the medical research company's stock worth $153,681,000 after purchasing an additional 854,732 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of IQVIA by 20.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 4,282,024 shares of the medical research company's stock worth $841,461,000 after purchasing an additional 712,958 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of IQVIA by 211.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 965,302 shares of the medical research company's stock worth $189,691,000 after purchasing an additional 655,153 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of IQVIA by 85.4% in the 4th quarter. Marshall Wace LLP now owns 954,294 shares of the medical research company's stock worth $187,528,000 after purchasing an additional 439,649 shares during the last quarter. 89.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at IQVIA

In other news, insider Eric Sherbet sold 5,800 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $190.05, for a total transaction of $1,102,290.00. Following the completion of the transaction, the insider directly owned 27,178 shares of the company's stock, valued at approximately $5,165,178.90. This represents a 17.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Keriann Cherofsky sold 549 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $191.53, for a total value of $105,149.97. Following the transaction, the insider directly owned 2,910 shares of the company's stock, valued at $557,352.30. This trade represents a 15.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IQV. Mizuho set a $225.00 target price on IQVIA and gave the stock an "outperform" rating in a research report on Friday, July 25th. HSBC cut IQVIA from a "buy" rating to a "hold" rating and lowered their price objective for the company from $260.00 to $160.00 in a research report on Friday, April 25th. Hsbc Global Res cut IQVIA from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. UBS Group lifted their price objective on IQVIA from $185.00 to $225.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Cowen reissued a "buy" rating on shares of IQVIA in a report on Wednesday, July 23rd. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, IQVIA currently has a consensus rating of "Moderate Buy" and a consensus target price of $228.62.

IQVIA Stock Up 0.6%

Shares of IQV traded up $1.08 during midday trading on Tuesday, reaching $183.83. 2,522,795 shares of the company were exchanged, compared to its average volume of 2,031,838. The stock has a 50-day moving average price of $163.03 and a 200-day moving average price of $169.60. The company has a market cap of $31.25 billion, a price-to-earnings ratio of 26.60, a P/E/G ratio of 2.00 and a beta of 1.30. IQVIA Holdings Inc. has a 1-year low of $134.65 and a 1-year high of $252.88. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 2.45.

IQVIA (NYSE:IQV - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The medical research company reported $2.81 earnings per share for the quarter, beating analysts' consensus estimates of $2.77 by $0.04. IQVIA had a return on equity of 30.05% and a net margin of 7.88%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same quarter last year, the firm earned $2.64 EPS. IQVIA's quarterly revenue was up 5.3% on a year-over-year basis. Research analysts expect that IQVIA Holdings Inc. will post 10.84 earnings per share for the current year.

About IQVIA

IQVIA Holdings Inc engages in the provision of advanced analytics, technology solutions, and clinical research services to the life sciences industry in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.