Evercore ISI Upgrades Icon PLC (ICLR) to Buy
Icon PLC (NASDAQ:ICLR) was upgraded by research analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $89.00 price objective on the stock, up from their previous price objective of $81.50. Evercore ISI’s price target indicates a potential upside of 15.14% from the company’s previous close.
A number of other equities analysts also recently weighed in on the stock. Credit Suisse Group AG began coverage on shares of Icon PLC in a research note on Monday, June 20th. They issued an “outperform” rating and a $80.00 target price for the company. Robert W. Baird reaffirmed an “outperform” rating and issued a $83.00 target price on shares of Icon PLC in a research note on Monday, June 27th. KeyCorp reaffirmed a “buy” rating and issued a $85.00 target price on shares of Icon PLC in a research note on Wednesday, July 27th. Jefferies Group boosted their target price on shares of Icon PLC from $78.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday, July 27th. Finally, Zacks Investment Research raised shares of Icon PLC from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Wednesday, September 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $80.25.
Shares of Icon PLC (NASDAQ:ICLR) opened at 77.30 on Friday. The company has a 50 day moving average of $76.70 and a 200 day moving average of $72.33. Icon PLC has a 12 month low of $62.31 and a 12 month high of $79.80. The stock has a market cap of $4.29 billion, a P/E ratio of 17.87 and a beta of 0.66.
Icon PLC (NASDAQ:ICLR) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $1.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.14. Icon PLC had a net margin of 15.70% and a return on equity of 29.89%. The firm earned $411 million during the quarter, compared to the consensus estimate of $409.97 million. During the same period last year, the firm posted $0.95 EPS. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. Equities research analysts expect that Icon PLC will post $4.70 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the company. Aperio Group LLC boosted its stake in shares of Icon PLC by 2.2% in the first quarter. Aperio Group LLC now owns 14,400 shares of the company’s stock valued at $1,081,000 after buying an additional 316 shares in the last quarter. Ngam Advisors L.P. boosted its stake in shares of Icon PLC by 37.9% in the first quarter. Ngam Advisors L.P. now owns 37,305 shares of the company’s stock valued at $2,802,000 after buying an additional 10,256 shares in the last quarter. Credit Agricole S A boosted its stake in shares of Icon PLC by 58.7% in the first quarter. Credit Agricole S A now owns 399,973 shares of the company’s stock valued at $30,038,000 after buying an additional 147,886 shares in the last quarter. UBS Asset Management Americas Inc. acquired a new stake in shares of Icon PLC during the first quarter valued at approximately $19,125,000. Finally, Groesbeck Investment Management Corp NJ acquired a new stake in shares of Icon PLC during the first quarter valued at approximately $267,000. Institutional investors own 93.73% of the company’s stock.
About Icon PLC
ICON public limited company is a contract research organization (CRO), which is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company is engaged in the strategic development, management and analysis of programs that support the various stages of the clinical development process, from compound selection to Phase I-IV clinical studies.
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