Geode Capital Management LLC Raises Holdings in Medpace Holdings, Inc. (NASDAQ:MEDP)

Posted by Defense World Staff on Jun 8th, 2023

Geode Capital Management LLC increased its position in Medpace Holdings, Inc. (NASDAQ:MEDP – Get Rating) by 9.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 585,815 shares of the company’s stock after buying an additional 51,462 shares during the quarter. Geode Capital Management LLC owned about 1.88% of Medpace worth $124,432,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Wasatch Advisors Inc. increased its holdings in Medpace by 12.1% in the 1st quarter. Wasatch Advisors Inc. now owns 2,728,392 shares of the company’s stock valued at $446,338,000 after purchasing an additional 294,103 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Medpace by 2,058.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 287,194 shares of the company’s stock valued at $45,138,000 after purchasing an additional 273,887 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Medpace by 144.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 369,939 shares of the company’s stock valued at $78,578,000 after purchasing an additional 218,554 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Medpace by 15.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 938,198 shares of the company’s stock valued at $199,283,000 after purchasing an additional 124,314 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new stake in Medpace in the 4th quarter valued at $23,153,000. 82.49% of the stock is owned by hedge funds and other institutional investors.

Medpace Stock Performance

NASDAQ:MEDP opened at $222.25 on Thursday. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of 28.13 and a beta of 1.42. Medpace Holdings, Inc. has a one year low of $130.79 and a one year high of $241.48. The stock has a 50-day simple moving average of $201.42 and a 200 day simple moving average of $206.28.

Medpace (NASDAQ:MEDP – Get Rating) last posted its quarterly earnings results on Monday, April 24th. The company reported $2.27 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.51. The business had revenue of $434.07 million during the quarter, compared to the consensus estimate of $402.83 million. Medpace had a return on equity of 75.20% and a net margin of 16.44%. The company’s revenue for the quarter was up 31.2% compared to the same quarter last year. During the same period last year, the firm earned $1.69 earnings per share. On average, equities research analysts forecast that Medpace Holdings, Inc. will post 8.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Medpace news, CEO August J. Troendle sold 31,648 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $221.83, for a total value of $7,020,475.84. Following the transaction, the chief executive officer now owns 6,451,371 shares of the company’s stock, valued at $1,431,107,628.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 25.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MEDP. Guggenheim upgraded Medpace from a “neutral” rating to a “buy” rating and set a $252.00 target price for the company in a research note on Monday, May 8th. StockNews.com upgraded Medpace from a “hold” rating to a “buy” rating in a research note on Friday, May 12th. Robert W. Baird raised their target price on Medpace from $226.00 to $233.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. Finally, 22nd Century Group restated an “upgrade” rating on shares of Medpace in a research note on Monday, May 8th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Medpace presently has an average rating of “Moderate Buy” and an average target price of $241.00.

About Medpace

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Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.