Pinnacle Associates Ltd. Takes Position in IQVIA Holdings Inc. (NYSE:IQV)

Posted by Defense World Staff on Apr 21st, 2023

Pinnacle Associates Ltd. purchased a new stake in shares of IQVIA Holdings Inc. (NYSE:IQV – Get Rating) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 929 shares of the medical research company’s stock, valued at approximately $204,000.

Several other institutional investors also recently modified their holdings of IQV. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in shares of IQVIA by 1,170.9% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,364,641 shares of the medical research company’s stock worth $247,191,000 after purchasing an additional 1,257,263 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of IQVIA by 20.1% in the third quarter. Alliancebernstein L.P. now owns 5,157,158 shares of the medical research company’s stock worth $934,167,000 after purchasing an additional 862,222 shares during the last quarter. Marshall Wace LLP increased its position in shares of IQVIA by 570.5% in the third quarter. Marshall Wace LLP now owns 417,789 shares of the medical research company’s stock worth $75,678,000 after purchasing an additional 355,482 shares during the last quarter. Sustainable Growth Advisers LP increased its position in shares of IQVIA by 22.9% in the third quarter. Sustainable Growth Advisers LP now owns 1,404,015 shares of the medical research company’s stock worth $254,324,000 after purchasing an additional 261,891 shares during the last quarter. Finally, Truist Financial Corp increased its position in shares of IQVIA by 68.0% in the third quarter. Truist Financial Corp now owns 505,750 shares of the medical research company’s stock worth $91,610,000 after purchasing an additional 204,769 shares during the last quarter. 86.20% of the stock is currently owned by institutional investors.

IQVIA Stock Performance

Shares of IQV stock opened at $198.59 on Friday. The stock has a fifty day moving average of $204.42 and a 200 day moving average of $207.54. IQVIA Holdings Inc. has a 52 week low of $165.75 and a 52 week high of $249.11. The firm has a market capitalization of $36.97 billion, a price-to-earnings ratio of 34.78, a PEG ratio of 2.00 and a beta of 1.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 2.18.

IQVIA (NYSE:IQV – Get Rating) last announced its quarterly earnings results on Friday, February 10th. The medical research company reported $2.78 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.02. IQVIA had a return on equity of 31.88% and a net margin of 7.57%. The company had revenue of $3.74 billion during the quarter, compared to analyst estimates of $3.71 billion. During the same quarter last year, the firm posted $2.42 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. As a group, research analysts expect that IQVIA Holdings Inc. will post 9.46 earnings per share for the current year.

Analysts Set New Price Targets

IQV has been the topic of several research analyst reports. Robert W. Baird decreased their price objective on shares of IQVIA from $266.00 to $260.00 and set an “outperform” rating on the stock in a research report on Friday, January 13th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $265.00 target price on shares of IQVIA in a research note on Monday, February 13th. SVB Leerink reaffirmed an “outperform” rating on shares of IQVIA in a research note on Friday, January 27th. Barclays cut their target price on IQVIA from $260.00 to $230.00 and set an “overweight” rating for the company in a research note on Tuesday, April 4th. Finally, Morgan Stanley upped their target price on IQVIA from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Monday, February 13th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $256.50.

Insider Buying and Selling

In other IQVIA news, insider Eric Sherbet sold 1,000 shares of the stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the insider now owns 17,053 shares in the company, valued at $3,922,190. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other IQVIA news, insider Kevin C. Knightly sold 4,446 shares of the stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $225.61, for a total value of $1,003,062.06. Following the completion of the transaction, the insider now owns 1,973 shares in the company, valued at $445,128.53. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Eric Sherbet sold 1,000 shares of the stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the insider now owns 17,053 shares of the company’s stock, valued at approximately $3,922,190. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by insiders.

IQVIA Profile

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IQVIA Holdings, Inc engages in the provision of analytics, technology solutions, and clinical research services to the life sciences industry. It operates through the following segments: Technology and Analytics Solutions, Research and Development Solutions, and Contract Sales and Medical Solutions. The Technology and Analytics Solutions segment supplies mission critical information, technology solutions, and real-world solutions and services to the firm’s life science clients.