Leerink Partnrs Predicts Reduced Earnings for ICON Public

ICON Public Limited (NASDAQ:ICLR) – Equities researchers at Leerink Partnrs reduced their FY2024 earnings estimates for shares of ICON Public in a research note issued on Tuesday, November 19th. Leerink Partnrs analyst M. Cherny now expects that the medical research company will post earnings of $13.25 per share for the year, down from their previous estimate of $13.34. Leerink Partnrs has a “Strong-Buy” rating on the stock. The consensus estimate for ICON Public’s current full-year earnings is $13.43 per share.

ICON Public (NASDAQ:ICLR) last posted its quarterly earnings results on Wednesday, October 23rd. The medical research company reported $3.35 EPS for the quarter, missing the consensus estimate of $3.72 by ($0.37). The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.13 billion. ICON Public had a net margin of 9.00% and a return on equity of 11.91%. ICON Public’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.10 earnings per share.

A number of other brokerages also recently issued reports on ICLR. Redburn Atlantic assumed coverage on shares of ICON Public in a report on Monday, October 14th. They set a “neutral” rating and a $311.00 price target on the stock. Truist Financial dropped their target price on ICON Public from $363.00 to $295.00 and set a “buy” rating on the stock in a research report on Monday, October 28th. Barclays dropped their price objective on ICON Public from $330.00 to $275.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Evercore ISI reduced their target price on ICON Public from $360.00 to $350.00 and set an “outperform” rating for the company in a research note on Tuesday, October 8th. Finally, Robert W. Baird cut shares of ICON Public from an “outperform” rating to a “neutral” rating and set a $340.00 price target on the stock. in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $302.91.

ICON Public Stock Up 4.5 %

ICON Public stock opened at $195.60 on Wednesday. ICON Public has a 52 week low of $183.38 and a 52 week high of $347.72. The firm has a market cap of $16.14 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 1.40 and a beta of 1.25. The business’s 50-day moving average price is $263.10 and its 200 day moving average price is $299.72. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.

Institutional Investors Weigh In On ICON Public

A number of hedge funds have recently modified their holdings of the business. Kornitzer Capital Management Inc. KS boosted its holdings in shares of ICON Public by 15.9% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 95,753 shares of the medical research company’s stock worth $30,016,000 after purchasing an additional 13,163 shares during the last quarter. GAMMA Investing LLC boosted its stake in ICON Public by 50.0% during the second quarter. GAMMA Investing LLC now owns 261 shares of the medical research company’s stock worth $82,000 after buying an additional 87 shares during the last quarter. Sara Bay Financial purchased a new stake in ICON Public in the 3rd quarter valued at $1,143,000. Whittier Trust Co. increased its stake in shares of ICON Public by 8.6% in the 2nd quarter. Whittier Trust Co. now owns 3,579 shares of the medical research company’s stock worth $1,122,000 after acquiring an additional 284 shares during the last quarter. Finally, Arkadios Wealth Advisors raised its holdings in shares of ICON Public by 67.7% during the 2nd quarter. Arkadios Wealth Advisors now owns 1,231 shares of the medical research company’s stock worth $386,000 after acquiring an additional 497 shares during the period. 95.61% of the stock is currently owned by institutional investors and hedge funds.

About ICON Public

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies.