Icon Plc (ICLR) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Icon Plc (NASDAQ:ICLR) from a buy rating to a hold rating in a research report report published on Wednesday morning.

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. “

ICLR has been the topic of several other research reports. Jefferies Group LLC reaffirmed a buy rating and issued a $122.00 price objective on shares of Icon Plc in a research note on Tuesday, September 12th. Bank of America Corporation started coverage on Icon Plc in a research note on Monday, September 11th. They issued a buy rating and a $128.00 price objective on the stock. Credit Suisse Group reaffirmed an outperform rating and issued a $120.00 price objective (up previously from $105.00) on shares of Icon Plc in a research note on Monday, October 16th. ValuEngine raised Icon Plc from a hold rating to a buy rating in a research note on Friday, September 1st. Finally, BidaskClub raised Icon Plc from a buy rating to a strong-buy rating in a research note on Tuesday, August 22nd. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. Icon Plc has an average rating of Buy and a consensus price target of $120.60.

Icon Plc (NASDAQ:ICLR) last posted its earnings results on Thursday, October 26th. The medical research company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.03. Icon Plc had a return on equity of 28.42% and a net margin of 16.37%. The company had revenue of $440.30 million for the quarter, compared to the consensus estimate of $438.09 million. During the same quarter in the prior year, the company earned $1.19 earnings per share. Icon Plc’s revenue was up 4.8% on a year-over-year basis.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IHT Wealth Management LLC boosted its holdings in shares of Icon Plc by 16.9% in the 2nd quarter. IHT Wealth Management LLC now owns 166 shares of the medical research company’s stock worth $223,000 after purchasing an additional 24 shares during the period. IFP Advisors Inc boosted its holdings in shares of Icon Plc by 3.0% in the 2nd quarter. IFP Advisors Inc now owns 2,299 shares of the medical research company’s stock worth $225,000 after purchasing an additional 67 shares during the period. Huntington National Bank boosted its holdings in shares of Icon Plc by 5.0% in the 2nd quarter. Huntington National Bank now owns 1,630 shares of the medical research company’s stock worth $159,000 after purchasing an additional 77 shares during the period. Bangor Savings Bank boosted its holdings in shares of Icon Plc by 1.4% in the 2nd quarter. Bangor Savings Bank now owns 11,539 shares of the medical research company’s stock worth $1,128,000 after purchasing an additional 161 shares during the period. Finally, Acrospire Investment Management LLC boosted its holdings in shares of Icon Plc by 20.1% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,195 shares of the medical research company’s stock worth $117,000 after purchasing an additional 200 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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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