Medpace (NASDAQ:MEDP) Updates FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $11.71-12.09 for the period, compared to the consensus estimate of $11.59. The company issued revenue guidance of $2.09-2.13 billion, compared to the consensus revenue estimate of $2.13 billion. Medpace also updated its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Price Performance

Shares of MEDP stock opened at $326.54 on Wednesday. The company’s fifty day moving average price is $354.82 and its two-hundred day moving average price is $382.57. The firm has a market capitalization of $10.12 billion, a P/E ratio of 33.29, a P/E/G ratio of 1.77 and a beta of 1.35. Medpace has a 12 month low of $227.21 and a 12 month high of $459.77.

Medpace (NASDAQ:MEDP) last released its quarterly earnings results on Monday, October 21st. The company reported $3.01 EPS for the quarter, topping the consensus estimate of $2.77 by $0.24. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The business had revenue of $533.32 million for the quarter, compared to analysts’ expectations of $540.99 million. During the same quarter in the previous year, the firm posted $2.22 earnings per share. The company’s revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Medpace will post 11.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MEDP shares. UBS Group lowered shares of Medpace from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $420.00 to $350.00 in a research note on Friday, September 27th. TD Cowen dropped their target price on shares of Medpace from $452.00 to $434.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Medpace from $395.00 to $336.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Tuesday. Finally, Jefferies Financial Group cut Medpace from a “buy” rating to a “hold” rating and cut their price objective for the company from $415.00 to $345.00 in a research note on Wednesday, September 25th. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $386.89.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.