ICON PLC’s (ICLR) Buy Rating Reiterated at SunTrust Banks, Inc.

SunTrust Banks, Inc. reiterated their buy rating on shares of ICON PLC (NASDAQ:ICLR) in a research note released on Sunday. SunTrust Banks, Inc. currently has a $138.00 price target on the medical research company’s stock. SunTrust Banks also issued estimates for ICON PLC’s Q4 2017 earnings at $1.41 EPS, FY2017 earnings at $5.37 EPS and FY2019 earnings at $7.10 EPS.

Several other research analysts have also recently issued reports on the company. Barclays PLC upped their price objective on ICON PLC from $108.00 to $120.00 and gave the stock an equal weight rating in a research report on Friday, October 27th. Credit Suisse Group reaffirmed an outperform rating and set a $120.00 price objective (up from $105.00) on shares of ICON PLC in a research report on Monday, October 16th. Robert W. Baird reaffirmed a buy rating and set a $123.00 price objective on shares of ICON PLC in a research report on Thursday, October 12th. Zacks Investment Research raised ICON PLC from a sell rating to a hold rating and set a $128.00 price objective for the company in a research report on Wednesday, October 11th. Finally, Jefferies Group LLC upped their price objective on ICON PLC from $122.00 to $132.00 and gave the stock a buy rating in a research report on Monday, October 9th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $120.60.

Shares of ICON PLC (NASDAQ ICLR) opened at 118.86 on Friday. The stock has a market capitalization of $6.42 billion, a PE ratio of 24.11 and a beta of 0.59. The firm has a 50-day moving average price of $114.04 and a 200-day moving average price of $101.34. ICON PLC has a 1-year low of $73.76 and a 1-year high of $123.53.

ICON PLC (NASDAQ:ICLR) last released its quarterly earnings data on Thursday, October 26th. The medical research company reported $1.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.32 by $0.03. The business had revenue of $440.30 million during the quarter, compared to analysts’ expectations of $438.09 million. ICON PLC had a return on equity of 28.42% and a net margin of 16.37%. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. On average, equities research analysts forecast that ICON PLC will post $5.36 earnings per share for the current year.

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Several institutional investors have recently bought and sold shares of the company. Palisade Capital Management LLC NJ lifted its holdings in shares of ICON PLC by 1.9% in the 3rd quarter. Palisade Capital Management LLC NJ now owns 253,768 shares of the medical research company’s stock valued at $28,899,000 after purchasing an additional 4,702 shares during the last quarter. FineMark National Bank & Trust purchased a new stake in shares of ICON PLC in the 3rd quarter valued at about $325,000. Canada Pension Plan Investment Board raised its stake in ICON PLC by 19.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 121,140 shares of the medical research company’s stock valued at $13,795,000 after acquiring an additional 20,000 shares during the last quarter. Victory Capital Management Inc. raised its stake in ICON PLC by 117.2% during the 3rd quarter. Victory Capital Management Inc. now owns 154,079 shares of the medical research company’s stock valued at $17,546,000 after acquiring an additional 83,132 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in ICON PLC by 7.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 20,417 shares of the medical research company’s stock valued at $2,325,000 after acquiring an additional 1,422 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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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