Medpace (NASDAQ:MEDP) Updates FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $11.71-12.09 for the period, compared to the consensus earnings per share estimate of $11.59. The company issued revenue guidance of $2.09-2.13 billion, compared to the consensus revenue estimate of $2.13 billion. Medpace also updated its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Stock Up 1.1 %

NASDAQ:MEDP opened at $330.07 on Thursday. Medpace has a 52 week low of $239.00 and a 52 week high of $459.77. The company has a fifty day simple moving average of $353.71 and a two-hundred day simple moving average of $382.20. The company has a market cap of $10.23 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35.

Medpace (NASDAQ:MEDP) last released its earnings results on Monday, October 21st. The company reported $3.01 EPS for the quarter, topping the consensus estimate of $2.77 by $0.24. The firm had revenue of $533.32 million during the quarter, compared to analysts’ expectations of $540.99 million. Medpace had a return on equity of 55.14% and a net margin of 16.74%. Medpace’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.22 EPS. On average, analysts expect that Medpace will post 11.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MEDP. Redburn Atlantic assumed coverage on shares of Medpace in a research note on Monday, October 14th. They issued a “buy” rating and a $404.00 price target for the company. StockNews.com cut shares of Medpace from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. Guggenheim dropped their target price on Medpace from $464.00 to $432.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Robert W. Baird downgraded Medpace from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $413.00 to $349.00 in a report on Wednesday. Finally, TD Cowen dropped their price objective on Medpace from $413.00 to $372.00 and set a “buy” rating on the stock in a report on Wednesday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $380.00.

Medpace Company Profile

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.