Icon (ICLR) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Icon (NASDAQ:ICLR) from a hold rating to a buy rating in a research note released on Tuesday morning. The brokerage currently has $132.00 price objective on the medical research company’s stock.

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 brokerages have also commented on ICLR. SunTrust Banks restated a buy rating and issued a $138.00 price objective on shares of Icon in a report on Sunday, October 29th. Credit Suisse Group restated an outperform rating and issued a $120.00 price objective (up from $105.00) on shares of Icon in a report on Monday, October 16th. Robert W. Baird restated a buy rating and issued a $123.00 price objective on shares of Icon in a report on Thursday, October 12th. KeyCorp restated an overweight rating and issued a $125.00 price objective (up from $115.00) on shares of Icon in a report on Monday, November 13th. They noted that the move was a valuation call. Finally, Jefferies Group upped their price objective on shares of Icon from $122.00 to $132.00 and gave the stock a buy rating in a report on Monday, October 9th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Icon presently has an average rating of Buy and a consensus target price of $121.36.

Icon (NASDAQ:ICLR) traded down $0.91 during trading on Tuesday, hitting $117.81. 298,454 shares of the stock traded hands, compared to its average volume of 273,891. Icon has a twelve month low of $76.46 and a twelve month high of $124.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a market cap of $6,370.00, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.63 and a beta of 0.61.

Icon (NASDAQ:ICLR) last posted its quarterly earnings results on Thursday, October 26th. The medical research company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.03. Icon had a net margin of 16.37% and a return on equity of 28.42%. The business had revenue of $440.30 million during the quarter, compared to analysts’ expectations of $438.09 million. During the same quarter in the prior year, the company posted $1.19 EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. research analysts forecast that Icon will post 5.37 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its holdings in shares of Icon by 39.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 16,713 shares of the medical research company’s stock valued at $1,635,000 after purchasing an additional 4,692 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Icon by 35.9% in the 2nd quarter. Legal & General Group Plc now owns 7,592 shares of the medical research company’s stock valued at $743,000 after purchasing an additional 2,006 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Icon by 26.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 37,723 shares of the medical research company’s stock valued at $3,690,000 after purchasing an additional 7,860 shares in the last quarter. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Icon in the 2nd quarter valued at $208,000. Finally, Seven Eight Capital LP raised its holdings in shares of Icon by 750.0% in the 2nd quarter. Seven Eight Capital LP now owns 8,500 shares of the medical research company’s stock valued at $831,000 after purchasing an additional 7,500 shares in the last quarter. Institutional investors own 89.66% of the company’s stock.

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About Icon

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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