Truist Financial Cuts Medpace (NASDAQ:MEDP) Price Target to $333.00

Medpace (NASDAQ:MEDP) had its price target trimmed by Truist Financial from $347.00 to $333.00 in a research note released on Thursday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research analysts also recently issued reports on the company. Mizuho lowered their price target on Medpace from $400.00 to $355.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird upped their target price on shares of Medpace from $354.00 to $362.00 and gave the company a “neutral” rating in a research note on Monday, January 27th. Leerink Partnrs upgraded shares of Medpace to a “hold” rating in a research note on Monday, March 24th. Finally, Leerink Partners assumed coverage on shares of Medpace in a report on Monday, March 24th. They set a “market perform” rating and a $330.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $361.90.

Medpace Stock Performance

NASDAQ:MEDP opened at $297.72 on Thursday. The firm has a 50-day simple moving average of $323.58 and a two-hundred day simple moving average of $334.41. The firm has a market cap of $9.00 billion, a P/E ratio of 23.57, a P/E/G ratio of 3.81 and a beta of 1.46. Medpace has a fifty-two week low of $272.00 and a fifty-two week high of $459.77.

Medpace (NASDAQ:MEDP) last announced its quarterly earnings results on Monday, February 10th. The company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $2.96 by $0.71. Medpace had a net margin of 19.17% and a return on equity of 51.48%. On average, equities research analysts predict that Medpace will post 12.29 EPS for the current year.

Institutional Investors Weigh In On Medpace

Hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in Medpace by 91.8% during the fourth quarter. Invesco Ltd. now owns 1,084,753 shares of the company’s stock valued at $360,387,000 after purchasing an additional 519,186 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Medpace by 34,497.4% during the 4th quarter. Proficio Capital Partners LLC now owns 242,528 shares of the company’s stock valued at $80,575,000 after buying an additional 241,827 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Medpace during the 4th quarter valued at approximately $78,144,000. Norges Bank bought a new position in shares of Medpace during the 4th quarter valued at approximately $69,859,000. Finally, GW&K Investment Management LLC increased its holdings in Medpace by 93.9% in the 4th quarter. GW&K Investment Management LLC now owns 275,460 shares of the company’s stock worth $91,516,000 after acquiring an additional 133,379 shares in the last quarter. 77.98% of the stock is currently owned by hedge funds and other institutional investors.

About Medpace

Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.