Zacks Investment Research Upgrades INC Research Holdings Inc. (INCR) to Buy
INC Research Holdings Inc. (NASDAQ:INCR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $57.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 13.77% from the stock’s previous close.
According to Zacks, “INC Research Holdings, Inc. is a global contract research organization. It provides the full range of Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. Its services include clinical trial management services comprising patient recruitment and retention, project management, clinical monitoring, drug safety/pharmacovigilance, medical affairs, quality assurance, regulatory and medical writing, and functional service; and data services consisting of clinical data management, electronic data capture, and biostatistics. INC Research Holdings, Inc. is headquartered in Raleigh, North Carolina. “
A number of other brokerages have also weighed in on INCR. Jefferies Group decreased their target price on INC Research Holdings from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, August 17th. Goldman Sachs Group Inc. reissued a “conviction-buy” rating and issued a $82.00 target price on shares of INC Research Holdings in a research report on Thursday, September 8th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. INC Research Holdings presently has a consensus rating of “Buy” and a consensus price target of $55.88.
Shares of INC Research Holdings (NASDAQ:INCR) opened at 50.10 on Monday. INC Research Holdings has a 12-month low of $34.19 and a 12-month high of $57.11. The firm’s 50-day moving average is $46.03 and its 200 day moving average is $43.72. The stock has a market capitalization of $2.69 billion, a P/E ratio of 26.59 and a beta of 1.78.
INC Research Holdings (NASDAQ:INCR) last announced its quarterly earnings results on Monday, October 31st. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. The company had revenue of $259.56 million for the quarter, compared to analysts’ expectations of $259.89 million. INC Research Holdings had a net margin of 6.58% and a return on equity of 49.42%. INC Research Holdings’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 EPS. On average, equities research analysts forecast that INC Research Holdings will post $2.50 EPS for the current fiscal year.
In other news, CAO Christopher L. Gaenzle sold 4,734 shares of the company’s stock in a transaction dated Wednesday, September 14th. The shares were sold at an average price of $43.14, for a total transaction of $204,224.76. Following the completion of the sale, the chief accounting officer now owns 19,252 shares of the company’s stock, valued at approximately $830,531.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gregory S. Rush sold 35,503 shares of the company’s stock in a transaction dated Friday, September 30th. The shares were sold at an average price of $44.70, for a total transaction of $1,586,984.10. Following the sale, the vice president now directly owns 82,712 shares of the company’s stock, valued at approximately $3,697,226.40. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in INCR. Underhill Investment Management LLC raised its stake in INC Research Holdings by 51.4% in the second quarter. Underhill Investment Management LLC now owns 277,100 shares of the company’s stock valued at $10,566,000 after buying an additional 94,050 shares during the last quarter. BlackRock Fund Advisors raised its stake in INC Research Holdings by 4.1% in the first quarter. BlackRock Fund Advisors now owns 1,030,807 shares of the company’s stock valued at $42,480,000 after buying an additional 40,140 shares during the last quarter. Rice Hall James & Associates LLC acquired a new stake in INC Research Holdings during the second quarter valued at approximately $14,226,000. Adage Capital Partners GP L.L.C. raised its stake in INC Research Holdings by 14.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 800,000 shares of the company’s stock valued at $32,968,000 after buying an additional 100,000 shares during the last quarter. Finally, BlackRock Group LTD raised its stake in INC Research Holdings by 30.2% in the first quarter. BlackRock Group LTD now owns 48,764 shares of the company’s stock valued at $2,010,000 after buying an additional 11,305 shares during the last quarter. 94.37% of the stock is owned by hedge funds and other institutional investors.
INC Research Holdings Company Profile
INC Research Holdings, Inc is a global contract research organization (CRO). The Company is focused on Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. The Company operates through two segments: Clinical Development Services and Phase I Services.
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