Medpace (NASDAQ:MEDP) Releases Quarterly Earnings Results, Beats Expectations By $0.24 EPS

Medpace (NASDAQ:MEDP) posted its earnings results on Monday. The company reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.24, Briefing.com reports. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $540.99 million. During the same period in the prior year, the company posted $2.22 EPS. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Trading Down 7.5 %

MEDP stock opened at $326.54 on Wednesday. The firm has a 50-day moving average of $354.82 and a two-hundred day moving average of $382.57. The company has a market cap of $10.12 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 1.77 and a beta of 1.35. Medpace has a 12 month low of $227.21 and a 12 month high of $459.77.

Wall Street Analyst Weigh In

MEDP has been the topic of several recent analyst reports. Robert W. Baird lowered shares of Medpace from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $413.00 to $349.00 in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. Guggenheim lowered their target price on shares of Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Redburn Atlantic started coverage on shares of Medpace in a research note on Monday, October 14th. They set a “buy” rating and a $404.00 target price on the stock. Finally, StockNews.com lowered shares of Medpace from a “buy” rating to a “hold” rating in a research note on Friday, September 27th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $386.89.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.