Medpace (NASDAQ:MEDP) Updates FY 2024 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 11.710-12.090 for the period, compared to the consensus earnings per share estimate of 11.560. The company issued revenue guidance of $2.1 billion-$2.1 billion, compared to the consensus revenue estimate of $2.1 billion. Medpace also updated its FY24 guidance to $11.71-12.09 EPS.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. UBS Group downgraded shares of Medpace from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $420.00 to $350.00 in a report on Friday, September 27th. TD Cowen lowered their target price on shares of Medpace from $452.00 to $434.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. William Blair reiterated an “outperform” rating on shares of Medpace in a report on Wednesday, September 11th. StockNews.com downgraded shares of Medpace from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Finally, Guggenheim lowered their target price on shares of Medpace from $464.00 to $432.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $394.00.

Medpace Stock Down 1.2 %

MEDP traded down $4.15 during trading on Monday, hitting $352.25. 670,794 shares of the company traded hands, compared to its average volume of 266,611. The firm has a market cap of $10.91 billion, a P/E ratio of 36.02, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. The stock’s fifty day moving average is $356.43 and its 200 day moving average is $383.35. Medpace has a one year low of $227.21 and a one year high of $459.77.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings results on Monday, July 22nd. The company reported $2.75 earnings per share for the quarter, beating the consensus estimate of $2.54 by $0.21. The company had revenue of $528.10 million during the quarter, compared to analyst estimates of $528.41 million. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.93 earnings per share. On average, equities research analysts forecast that Medpace will post 11.64 EPS for the current fiscal year.

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.