Icon (NASDAQ:ICLR) Stock Price Up 8.5% - Time to Buy?

Key Points

• Icon shares jumped 8.5% to about $183.10 in mid-day trading, although volume was 84% below the stock’s average daily level.
• Analyst sentiment is mixed: seven analysts rate Icon a Buy, six a Hold and three a Sell, producing an overall “Hold” rating and an average price target of $168.73. TD Cowen is the most bullish, with a $197 target and Buy rating.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 95.61% of the stock; the company has a $13.89 billion market capitalization and trades at a P/E ratio of 32.28.

Icon Plc (NASDAQ:ICLR - Get Free Report)'s stock price traded up 8.5% during mid-day trading on Tuesday . The company traded as high as $186.64 and last traded at $183.0990. Approximately 224,860 shares were traded during trading, a decline of 84% from the average daily volume of 1,410,270 shares. The stock had previously closed at $168.78.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ICLR. Leerink Partners set a $145.00 price objective on shares of Icon in a report on Thursday, May 28th. DA Davidson set a $164.00 price target on shares of Icon in a research note on Monday, June 1st. JPMorgan Chase & Co. increased their price objective on Icon from $130.00 to $155.00 and gave the company a "neutral" rating in a research note on Thursday, June 25th. TD Cowen boosted their target price on Icon from $164.00 to $197.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. Finally, Barclays upped their price target on Icon from $160.00 to $175.00 and gave the stock an "equal weight" rating in a report on Thursday, June 25th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $168.73.

Icon Price Performance

The stock has a market capitalization of $13.89 billion, a price-to-earnings ratio of 32.28, a P/E/G ratio of 8.14 and a beta of 1.22. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average of $152.21 and a 200-day moving average of $135.77.

Institutional Investors Weigh In On Icon

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in shares of Icon by 26.6% in the 3rd quarter. Wellington Management Group LLP now owns 4,637,137 shares of the medical research company's stock valued at $811,499,000 after purchasing an additional 975,268 shares during the last quarter. Orbis Allan Gray Ltd lifted its stake in Icon by 1.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 4,214,661 shares of the medical research company's stock valued at $767,996,000 after buying an additional 75,843 shares during the last quarter. Invesco Ltd. lifted its stake in Icon by 9.6% in the fourth quarter. Invesco Ltd. now owns 3,756,896 shares of the medical research company's stock valued at $684,582,000 after buying an additional 329,266 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Icon by 10.3% during the first quarter. Principal Financial Group Inc. now owns 3,311,771 shares of the medical research company's stock worth $366,481,000 after acquiring an additional 310,236 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Icon by 8.7% during the fourth quarter. Franklin Resources Inc. now owns 2,993,336 shares of the medical research company's stock worth $545,410,000 after acquiring an additional 239,808 shares during the last quarter. 95.61% of the stock is owned by hedge funds and other institutional investors.

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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