Zacks Investment Research Upgrades Icon (NASDAQ:ICLR) to “Buy”

Icon (NASDAQ:ICLR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The firm presently has a $181.00 target price on the medical research company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.03% from the company’s current price.

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. “

Several other research analysts have also commented on the company. ValuEngine lowered Icon from a “buy” rating to a “hold” rating in a research report on Wednesday, September 11th. Credit Suisse Group reissued a “buy” rating and issued a $160.00 target price on shares of Icon in a report on Monday, October 28th. BidaskClub raised Icon from a “hold” rating to a “buy” rating in a report on Wednesday, November 27th. Finally, UBS Group set a $160.00 target price on Icon and gave the company a “hold” rating in a report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Icon presently has a consensus rating of “Buy” and an average price target of $164.88.

ICLR traded down $0.16 during trading on Thursday, hitting $161.57. 167,767 shares of the stock were exchanged, compared to its average volume of 264,980. The firm has a market capitalization of $8.70 billion, a P/E ratio of 25.69, a PEG ratio of 2.18 and a beta of 0.71. Icon has a 1-year low of $118.10 and a 1-year high of $165.13. The stock has a fifty day moving average price of $154.75 and a two-hundred day moving average price of $151.26. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.28.

Icon (NASDAQ:ICLR) last released its quarterly earnings results on Wednesday, October 23rd. The medical research company reported $1.74 EPS for the quarter, hitting the consensus estimate of $1.74. The company had revenue of $710.40 million for the quarter, compared to analyst estimates of $709.75 million. Icon had a return on equity of 24.86% and a net margin of 13.16%. The firm’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 earnings per share. Analysts predict that Icon will post 6.89 EPS for the current year.

Several large investors have recently added to or reduced their stakes in ICLR. Invesco Ltd. increased its holdings in shares of Icon by 6,790.7% in the second quarter. Invesco Ltd. now owns 536,782 shares of the medical research company’s stock valued at $82,648,000 after purchasing an additional 528,992 shares during the period. Comgest Global Investors S.A.S. increased its holdings in shares of Icon by 107.7% in the second quarter. Comgest Global Investors S.A.S. now owns 1,005,369 shares of the medical research company’s stock valued at $154,796,000 after purchasing an additional 521,316 shares during the period. SPF Beheer BV acquired a new position in shares of Icon in the third quarter valued at approximately $76,360,000. WCM Investment Management LLC increased its holdings in shares of Icon by 6.0% in the third quarter. WCM Investment Management LLC now owns 3,595,030 shares of the medical research company’s stock valued at $529,691,000 after purchasing an additional 203,734 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Icon by 53.4% in the second quarter. Bank of New York Mellon Corp now owns 442,829 shares of the medical research company’s stock valued at $68,183,000 after purchasing an additional 154,142 shares during the period. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Icon Company Profile

ICON Public Limited Company, a clinical research organization, provides outsourced development services to the pharmaceutical, biotechnology, and medical device industries in Ireland, rest of Europe, the United States, and internationally. It 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.

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Analyst Recommendations for Icon (NASDAQ:ICLR)

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