Icon (NASDAQ:ICLR) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Icon exceeded quarterly expectations: The medical research company reported adjusted EPS of $2.56, topping estimates by $0.01, while revenue reached $2.06 billion versus the $2.00 billion consensus.
• Shares traded lower despite the earnings beat: Icon stock fell $2.71 to $177.53 during Wednesday’s trading, with a market capitalization of approximately $13.59 billion.
• Analyst sentiment remains mixed: Recent price targets range from $150 to $207, and the consensus rating is “Hold” with an average target price of $168.73; institutional investors own 95.61% of the stock.

Icon (NASDAQ:ICLR - Get Free Report) posted its earnings results on Wednesday. The medical research company reported $2.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.55 by $0.01, FiscalAI reports. The company had revenue of $2.06 billion during the quarter, compared to analysts' expectations of $2 billion. Icon had a net margin of 5.35% and a return on equity of 8.73%.

Icon Price Performance

NASDAQ ICLR traded down $2.71 during midday trading on Wednesday, hitting $177.53. The company had a trading volume of 1,571,935 shares, compared to its average volume of 1,423,375. The firm has a 50-day moving average price of $153.54 and a 200-day moving average price of $135.61. The company has a market capitalization of $13.59 billion, a PE ratio of 31.59, a P/E/G ratio of 8.28 and a beta of 1.22. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.31. Icon has a twelve month low of $66.57 and a twelve month high of $203.91.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its position in Icon by 11.5% during the second 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. Janney Montgomery Scott LLC raised its position in shares of Icon by 0.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 23,942 shares of the medical research company's stock valued at $4,363,000 after buying an additional 93 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Icon by 8.6% in the 4th quarter. NewEdge Advisors LLC now owns 1,309 shares of the medical research company's stock valued at $238,000 after buying an additional 104 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in shares of Icon by 1.8% during the 2nd quarter. SkyView Investment Advisors LLC now owns 6,321 shares of the medical research company's stock worth $914,000 after acquiring an additional 113 shares during the period. Finally, EFG International AG bought a new stake in shares of Icon during the 4th quarter worth approximately $27,000. Institutional investors own 95.61% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. upped their target price on Icon from $130.00 to $155.00 and gave the company a "neutral" rating in a research report on Thursday, June 25th. Jefferies Financial Group restated a "buy" rating and issued a $165.00 price target on shares of Icon in a research note on Friday, May 29th. Truist Financial upgraded Icon from a "hold" rating to a "buy" rating and increased their price objective for the stock from $159.00 to $207.00 in a research report on Tuesday, June 30th. TD Cowen lifted their target price on Icon from $164.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Finally, Bank of America boosted their target price on shares of Icon from $125.00 to $150.00 and gave the company an "underperform" rating in a research report on Thursday, June 25th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $168.73.

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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