Medpace Holdings, Inc. $MEDP Stake Lessened by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems reduced its Medpace stake by 45% in the third quarter, selling 4,640 shares and retaining 5,669 shares valued at approximately $3.54 million. Institutional investors and hedge funds collectively own 77.98% of the company.
• Analysts maintain a largely cautious outlook, with three Buy ratings and ten Holds. The average price target is $649.27, while individual targets range as high as $700.
• Medpace reported stronger-than-expected quarterly results, earning $4.84 per share versus the $4.44 consensus estimate, with revenue of $716 million, up 8.5% year over year. However, insiders sold more than 342,000 shares worth approximately $213.6 million over the past three months.

VIRGINIA RETIREMENT SYSTEMS ET Al lowered its holdings in Medpace Holdings, Inc. (NASDAQ:MEDP - Free Report) by 45.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,669 shares of the company's stock after selling 4,640 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Medpace were worth $3,538,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Johnson Financial Group Inc. acquired a new stake in shares of Medpace in the second quarter worth approximately $27,000. Jones Financial Companies Lllp purchased a new stake in Medpace in the second quarter valued at approximately $30,000. Allied Private Wealth LLC acquired a new position in Medpace during the second quarter worth approximately $31,000. Kilter Group LLC acquired a new position in Medpace during the second quarter worth approximately $31,000. Finally, Basecamp Wealth Advisors LLC increased its position in Medpace by 187.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 69 shares of the company's stock worth $33,000 after purchasing an additional 45 shares during the last quarter. 77.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MEDP. Royal Bank Of Canada lifted their price target on shares of Medpace from $484.00 to $692.00 and gave the company an "outperform" rating in a report on Friday, July 24th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $535.00 price objective on shares of Medpace in a report on Thursday, July 23rd. Weiss Ratings raised Medpace from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Truist Financial lifted their target price on Medpace from $609.00 to $633.00 and gave the company a "hold" rating in a report on Friday, October 23rd. Finally, UBS Group boosted their price target on Medpace from $673.00 to $700.00 and gave the company a "neutral" rating in a research report on Friday, October 23rd. Three investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $649.27.

Insider Activity at Medpace

In other Medpace news, VP Susan E. Burwig sold 3,940 shares of the business's stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $677.00, for a total transaction of $2,667,380.00. Following the transaction, the vice president owned 54,012 shares in the company, valued at $36,566,124. The trade was a 6.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Stephen P. Ewald sold 1,245 shares of the company's stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $690.00, for a total value of $859,050.00. Following the completion of the sale, the general counsel directly owned 19,098 shares of the company's stock, valued at $13,177,620. The trade was a 6.12% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 342,647 shares of company stock worth $213,561,374. Corporate insiders own 20.50% of the company's stock.

Medpace Stock Down 0.6%

MEDP opened at $648.14 on Tuesday. Medpace Holdings, Inc. has a 52-week low of $373.00 and a 52-week high of $693.97. The company has a 50 day moving average of $619.67 and a two-hundred day moving average of $531.52. The company has a market cap of $18.13 billion, a P/E ratio of 38.40, a P/E/G ratio of 2.69 and a beta of 1.18.

Medpace (NASDAQ:MEDP - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $4.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.44 by $0.40. The company had revenue of $716.00 million during the quarter, compared to analyst estimates of $714.47 million. Medpace had a net margin of 18.24% and a return on equity of 99.76%. The business's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.86 earnings per share. Research analysts anticipate that Medpace Holdings, Inc. will post 18.06 earnings per share for the current year.

About Medpace

Medpace Holdings, Inc is a contract research organization (CRO) that provides clinical development services to biotechnology, pharmaceutical and medical device companies. The company supports sponsors throughout the development process, from early-stage planning and regulatory submissions through clinical trial execution, data management, analysis and reporting.

Medpace's services include Phase I through Phase IV clinical research, clinical monitoring, biostatistics, data management, medical writing, pharmacovigilance, regulatory consulting and central laboratory services.

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