Trinity Street Asset Management LLP Raises Stock Position in Icon Plc $ICLR

Key Points

• Trinity Street Asset Management increased its Icon position by 27.1% in the second quarter, bringing its holdings to 1.54 million shares valued at approximately $266.7 million. Icon now represents 13.7% of the firm’s portfolio.
• Icon’s latest quarterly results slightly exceeded expectations, with EPS of $2.56 versus a $2.55 consensus and revenue of $2.06 billion versus $2.00 billion expected. Revenue rose 2.3% year over year, although earnings declined from $3.26 per share in the prior-year quarter.
• Analysts have a consensus “Hold” rating and an average price target of $170.40, while individual targets range from $150 to $209. Shares were trading at $167.17 with a relatively high P/E ratio of 39.24, indicating substantial growth expectations are already priced in.

Trinity Street Asset Management LLP boosted its holdings in shares of Icon Plc (NASDAQ:ICLR - Free Report) by 27.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,535,462 shares of the medical research company's stock after acquiring an additional 327,314 shares during the period. Icon accounts for 13.7% of Trinity Street Asset Management LLP's portfolio, making the stock its 2nd largest position. Trinity Street Asset Management LLP owned 2.01% of Icon worth $266,725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ICLR. EFG International AG acquired a new position in Icon in the fourth quarter valued at about $27,000. Abound Financial LLC acquired a new stake in Icon during the 4th quarter worth approximately $54,000. GAMMA Investing LLC lifted its position in Icon by 21.4% in the 2nd quarter. GAMMA Investing LLC now owns 391 shares of the medical research company's stock valued at $68,000 after acquiring an additional 69 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Icon in the third quarter valued at about $71,000. Finally, Quadrant Capital Group LLC bought a new stake in Icon in the 3rd quarter valued at approximately $78,000. Institutional investors own 95.61% of the company's stock.

Icon Stock Performance

Shares of ICLR opened at $167.17 on Thursday. The stock has a 50-day moving average of $161.93 and a 200-day moving average of $134.18. Icon Plc has a one year low of $66.57 and a one year high of $203.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $12.80 billion, a PE ratio of 39.24, a P/E/G ratio of 6.86 and a beta of 1.21.

Icon (NASDAQ:ICLR - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.01. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2 billion. Icon had a net margin of 3.99% and a return on equity of 8.02%. Icon's revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.26 EPS. On average, equities research analysts predict that Icon Plc will post 9.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ICLR shares. UBS Group set a $160.00 price target on shares of Icon in a research report on Wednesday, June 24th. Jefferies Financial Group reaffirmed a "buy" rating and set a $165.00 price target on shares of Icon in a report on Friday, May 29th. BMO Capital Markets raised their price objective on Icon from $160.00 to $187.00 and gave the company an "outperform" rating in a research note on Thursday, June 25th. Truist Financial restated a "buy" rating and issued a $209.00 price target (up from $207.00) on shares of Icon in a research note on Friday, July 31st. Finally, Bank of America increased their price objective on shares of Icon from $125.00 to $150.00 and gave the company an "underperform" rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $170.40.

Key Stories Impacting Icon

Here are the key news stories impacting Icon this week:

• Positive Sentiment: Icon’s latest quarterly results modestly exceeded expectations: adjusted earnings were $2.56 per share versus a $2.55 consensus, while revenue of $2.06 billion topped estimates of $2.00 billion. Revenue grew 2.3% year over year, supporting the stock despite lower earnings than the prior-year quarter.
• Positive Sentiment: Several analysts maintain bullish targets above recent trading levels. BMO Capital Markets raised its target to $187 and Mizuho lifted its target to $190, while the broader analyst consensus is a “Hold” with an average target of $170.40. Should You Bring The Luck Of The Irish To Your Investments?
• Neutral Sentiment: CEO Barry Balfe sold 382 shares worth approximately $62,675, while CFO Nigel Clerkin sold 2,267 shares worth about $372,445. Six directors also sold shares, including Ciaran Murray’s approximately $439,804 transaction. All sales were disclosed as tax-withholding transactions tied to equity award vesting, and the executives and directors retained stock afterward. Icon CEO Sells Stock
• Neutral Sentiment: Reported short interest was zero shares, indicating no measurable short-selling pressure; however, this also provides limited evidence of potential short-covering support.
• Neutral Sentiment: ICLR trades well above its 200-day moving average and carries a relatively elevated valuation, with a price-to-earnings ratio near 39 and a PEG ratio of 6.88. This suggests investors are already pricing in substantial future growth.

Insiders Place Their Bets

In other Icon news, CFO Nigel Bernard John Clerkin sold 2,267 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $372,445.43. Following the sale, the chief financial officer owned 5,881 shares of the company's stock, valued at $966,189.49. This trade represents a 27.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anne Clem Whitaker sold 841 shares of the business's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $138,167.89. Following the transaction, the director directly owned 891 shares of the company's stock, valued at $146,382.39. The trade was a 48.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 9,531 shares of company stock worth $1,565,764 in the last ninety days. 44.00% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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