Zacks Investment Research Downgrades Icon Plc (ICLR) to Sell
Icon Plc (NASDAQ:ICLR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “ICON plc is a global full service clinical research organisation. The company provides contract clinical research services to the pharmaceutical industry worldwide. “
A number of other brokerages have also recently issued reports on ICLR. Jefferies Group LLC reissued a “buy” rating and issued a $122.00 target price on shares of Icon Plc in a report on Tuesday, September 12th. Bank of America Corporation began coverage on Icon Plc in a report on Monday, September 11th. They issued a “buy” rating and a $128.00 target price for the company. ValuEngine raised Icon Plc from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Credit Suisse Group AG reissued a “buy” rating on shares of Icon Plc in a report on Friday, July 28th. Finally, BidaskClub raised Icon Plc from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $113.00.
Icon Plc (NASDAQ ICLR) traded down 0.62% during midday trading on Wednesday, reaching $114.00. The company’s stock had a trading volume of 125,638 shares. Icon Plc has a 52 week low of $73.76 and a 52 week high of $117.53. The firm has a market capitalization of $6.16 billion, a PE ratio of 23.12 and a beta of 0.59. The stock has a 50 day moving average of $111.67 and a 200 day moving average of $96.53.
Icon Plc (NASDAQ:ICLR) last issued its earnings results on Thursday, July 27th. The medical research company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.01. Icon Plc had a return on equity of 28.72% and a net margin of 15.97%. The business had revenue of $431.00 million during the quarter, compared to analysts’ expectations of $430.68 million. During the same period in the prior year, the firm posted $1.14 EPS. Icon Plc’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that Icon Plc will post $5.32 earnings per share for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC increased its holdings in Icon Plc by 16.9% during the 2nd quarter. IHT Wealth Management LLC now owns 166 shares of the medical research company’s stock valued at $223,000 after purchasing an additional 24 shares in the last quarter. IFP Advisors Inc increased its holdings in Icon Plc by 3.0% during the 2nd quarter. IFP Advisors Inc now owns 2,299 shares of the medical research company’s stock valued at $225,000 after purchasing an additional 67 shares in the last quarter. Huntington National Bank increased its holdings in Icon Plc by 5.0% during the 2nd quarter. Huntington National Bank now owns 1,630 shares of the medical research company’s stock valued at $159,000 after purchasing an additional 77 shares in the last quarter. Bangor Savings Bank increased its holdings in Icon Plc by 1.4% during the 2nd quarter. Bangor Savings Bank now owns 11,539 shares of the medical research company’s stock valued at $1,128,000 after purchasing an additional 161 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Icon Plc by 5.0% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 3,537 shares of the medical research company’s stock valued at $282,000 after purchasing an additional 168 shares in the last quarter. 91.53% of the stock is owned by hedge funds and other institutional investors.
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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