Insider Selling: Icon (NASDAQ:ICLR) Director Sells 841 Shares

Key Points

• Icon director John Dr. Climax sold 841 shares at an average price of $164.29, totaling $138,167.89. The sale covered tax withholding obligations tied to vested equity awards and reduced his ownership by 28.72% to 2,087 shares.
• Icon shares rose 1.0% to $167.17, while the company reported quarterly adjusted EPS of $2.56, narrowly beating estimates, and revenue of $2.06 billion, up 2.3% year over year.
• Analysts have a consensus “Hold” rating and a $170.40 price target; institutional investors own 95.61% of the company’s stock.

Icon Plc (NASDAQ:ICLR - Get Free Report) Director John Dr Climax sold 841 shares of the 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 owned 2,087 shares in the company, valued at $342,873.23. This trade represents a 28.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Icon Trading Up 1.0%

NASDAQ:ICLR traded up $1.59 during mid-day trading on Wednesday, reaching $167.17. The company's stock had a trading volume of 804,300 shares, compared to its average volume of 1,385,099. 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 stock has a market cap of $12.80 billion, a P/E ratio of 39.24, a P/E/G ratio of 6.88 and a beta of 1.21. The company's fifty day simple moving average is $161.47 and its two-hundred day simple moving average is $134.31. Icon Plc has a twelve month low of $66.57 and a twelve month high of $203.91.

Icon (NASDAQ:ICLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The medical research company reported $2.56 EPS for the quarter, beating analysts' consensus estimates of $2.55 by $0.01. The company 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%. The company's quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.26 EPS. On average, equities analysts predict that Icon Plc will post 9.57 EPS for the current year.

Institutional Investors Weigh In On Icon

Large investors have recently made changes to their positions in the business. Harris Associates L P acquired a new position in shares of Icon during the 2nd quarter valued at $238,256,000. Capital World Investors increased its holdings in Icon by 555.2% in the 4th quarter. Capital World Investors now owns 1,496,479 shares of the medical research company's stock valued at $272,688,000 after purchasing an additional 1,268,095 shares in the last quarter. Wellington Management Group LLP raised its position in Icon by 26.6% in the third 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 period. Lyrical Asset Management LP purchased a new position in Icon in the fourth quarter valued at about $176,382,000. Finally, Norges Bank acquired a new position in shares of Icon during the fourth quarter worth about $160,073,000. Institutional investors and hedge funds own 95.61% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler downgraded shares of Icon to a "neutral" rating in a research note on Thursday, May 28th. DA Davidson set a $164.00 price objective on shares of Icon in a research note on Monday, June 1st. Bank of America upped their price objective on Icon from $125.00 to $150.00 and gave the stock an "underperform" rating in a report on Thursday, June 25th. Leerink Partners set a $145.00 target price on Icon in a research report on Thursday, May 28th. Finally, Mizuho lifted their target price on Icon from $180.00 to $190.00 and gave the company an "outperform" rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seven have assigned 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 a consensus price target of $170.40.

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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