Icon (NASDAQ:ICLR) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Icon from “strong sell” to “hold,” while the broader analyst consensus remains “hold,” with seven buys, seven holds and two sells and an average price target of $168.73.
• Icon’s shares opened at $177.53, up substantially from their 52-week low of $66.57 but below the $203.91 high. Several analysts recently raised their targets, including Mizuho to $190 and BMO Capital Markets to $187.
• In its latest quarter, Icon reported adjusted EPS of $2.56 versus the $2.55 consensus estimate and revenue of $2.06 billion, up 2.3% year over year; institutional investors and hedge funds own 95.61% of the stock.

Icon (NASDAQ:ICLR - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on ICLR. Bank of America raised their target price 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. Mizuho boosted their price target on Icon from $180.00 to $190.00 and gave the stock an "outperform" rating in a research report on Friday, June 26th. BMO Capital Markets upped 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. Jefferies Financial Group reaffirmed a "buy" rating and issued a $165.00 price objective on shares of Icon in a research report on Friday, May 29th. Finally, Robert W. Baird boosted their target price on Icon from $168.00 to $186.00 and gave the stock an "outperform" rating in a report on Thursday, June 25th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $168.73.

Icon Price Performance

NASDAQ:ICLR opened at $177.53 on Tuesday. The stock has a market capitalization of $13.59 billion, a PE ratio of 31.59, a P/E/G ratio of 8.85 and a beta of 1.22. Icon has a 1-year low of $66.57 and a 1-year high of $203.91. The firm has a fifty day simple moving average of $154.79 and a 200 day simple moving average of $135.54. 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 (NASDAQ:ICLR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.01. Icon had a net margin of 5.35% and a return on equity of 8.73%. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the prior year, the firm posted $3.26 earnings per share. The company's quarterly revenue was up 2.3% compared to the same quarter last year. On average, research analysts expect that Icon will post 9.43 EPS for the current fiscal year.

Institutional Trading of Icon

Several hedge funds have recently added to or reduced their stakes in the company. Toth Financial Advisory Corp acquired a new stake in shares of Icon during the fourth quarter worth $27,000. EFG International AG bought a new stake in shares of Icon in the fourth quarter valued at about $27,000. Abound Financial LLC acquired a new position in shares of Icon in the fourth quarter valued at about $54,000. GAMMA Investing LLC grew its stake in shares of Icon by 21.4% in the second 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. Finally, Johnson Financial Group Inc. bought a new position in Icon during the third quarter worth about $71,000. 95.61% of the stock is owned by institutional investors and hedge funds.

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.

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