Norden Group LLC Cuts Stake in Medpace Holdings, Inc. (NASDAQ:MEDP)

Key Points

• Norden Group LLC reduced its stake in Medpace Holdings, Inc. by 49.4%, selling 1,527 shares and leaving them with 1,563 shares valued at approximately $476,000.
• Insider transactions have been notable, with VP Susan E. Burwig selling 7,500 shares for over $3.3 million and CFO Kevin M. Brady selling 12,000 shares for approximately $5.5 million in recent trades.
• Medpace reported better-than-expected quarterly earnings with $3.10 earnings per share, surpassing estimates and showing a 14.2% revenue increase year-over-year.

Norden Group LLC cut its stake in shares of Medpace Holdings, Inc. (NASDAQ:MEDP - Free Report) by 49.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,563 shares of the company's stock after selling 1,527 shares during the quarter. Norden Group LLC's holdings in Medpace were worth $476,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Invesco Ltd. raised its holdings in shares of Medpace by 91.8% in the fourth quarter. Invesco Ltd. now owns 1,084,753 shares of the company's stock valued at $360,387,000 after purchasing an additional 519,186 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Medpace by 3.1% in the fourth quarter. Wasatch Advisors LP now owns 936,842 shares of the company's stock valued at $311,247,000 after purchasing an additional 28,161 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Medpace by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 656,130 shares of the company's stock valued at $218,031,000 after purchasing an additional 28,076 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Medpace by 1.1% in the first quarter. Bessemer Group Inc. now owns 582,269 shares of the company's stock valued at $177,411,000 after purchasing an additional 6,225 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Medpace by 12.4% in the fourth quarter. Renaissance Technologies LLC now owns 553,588 shares of the company's stock valued at $183,919,000 after purchasing an additional 61,100 shares during the last quarter. 77.98% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MEDP has been the subject of a number of research analyst reports. Truist Financial raised their price objective on shares of Medpace from $298.00 to $436.00 and gave the stock a "hold" rating in a report on Wednesday, July 23rd. Barclays raised their price objective on shares of Medpace from $300.00 to $450.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 23rd. William Blair restated a "market perform" rating on shares of Medpace in a report on Wednesday, July 23rd. UBS Group downgraded shares of Medpace from a "neutral" rating to a "sell" rating and lifted their target price for the stock from $300.00 to $305.00 in a research note on Tuesday. Finally, Robert W. Baird boosted their price objective on shares of Medpace from $313.00 to $490.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $406.60.

Medpace Stock Performance

NASDAQ:MEDP traded down $4.11 during midday trading on Friday, reaching $423.09. 517,813 shares of the stock traded hands, compared to its average volume of 739,468. The company has a fifty day moving average of $330.95 and a 200 day moving average of $323.49. Medpace Holdings, Inc. has a 12 month low of $250.05 and a 12 month high of $501.30. The stock has a market capitalization of $11.88 billion, a P/E ratio of 31.46, a PEG ratio of 2.69 and a beta of 1.42.

Medpace (NASDAQ:MEDP - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The company reported $3.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.00 by $0.10. The business had revenue of $603.31 million for the quarter, compared to the consensus estimate of $537.70 million. Medpace had a net margin of 18.74% and a return on equity of 67.66%. The company's quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.75 EPS. On average, analysts predict that Medpace Holdings, Inc. will post 12.29 EPS for the current fiscal year.

Insider Transactions at Medpace

In other news, VP Susan E. Burwig sold 7,500 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $450.14, for a total value of $3,376,050.00. Following the sale, the vice president directly owned 57,500 shares of the company's stock, valued at $25,883,050. This represents a 11.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO August J. Troendle sold 48,487 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $451.69, for a total transaction of $21,901,093.03. Following the completion of the sale, the chief executive officer directly owned 962,615 shares in the company, valued at $434,803,569.35. This represents a 4.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,788 shares of company stock worth $51,018,354. 20.30% of the stock is owned by insiders.

Medpace Profile

Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.