Medpace (NASDAQ:MEDP) Posts Earnings Results, Beats Expectations By $0.24 EPS

Medpace (NASDAQ:MEDP) released its earnings results on Monday. The company reported $3.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.24, Briefing.com reports. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $540.99 million. During the same quarter in the prior year, the company posted $2.22 earnings per share. Medpace’s revenue was up 8.3% on a year-over-year basis. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Stock Performance

MEDP opened at $326.54 on Wednesday. Medpace has a fifty-two week low of $227.21 and a fifty-two week high of $459.77. The company has a market capitalization of $10.12 billion, a P/E ratio of 33.29, a P/E/G ratio of 1.77 and a beta of 1.35. The stock has a fifty day moving average of $354.82 and a 200-day moving average of $382.57.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. William Blair reiterated an “outperform” rating on shares of Medpace in a report on Tuesday. Robert W. Baird cut shares of Medpace from an “outperform” rating to a “neutral” rating and cut their price target for the company from $413.00 to $349.00 in a research note on Wednesday. UBS Group cut shares of Medpace from a “buy” rating to a “neutral” rating and cut their price target for the company from $420.00 to $350.00 in a research note on Friday, September 27th. Deutsche Bank Aktiengesellschaft decreased their target price on Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a report on Wednesday, July 24th. Finally, Jefferies Financial Group cut shares of Medpace from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $415.00 to $345.00 in a research report on Wednesday, September 25th. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $386.89.

About Medpace

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.