Paloma Partners Management Co Boosts Position in ICON PLC (NASDAQ:ICLR)

Paloma Partners Management Co raised its stake in ICON PLC (NASDAQ:ICLR) by 37.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,372 shares of the medical research company’s stock after buying an additional 4,707 shares during the period. Paloma Partners Management Co’s holdings in ICON PLC were worth $1,384,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Legato Capital Management LLC increased its stake in shares of ICON PLC by 7,872.0% in the first quarter. Legato Capital Management LLC now owns 6,078,411 shares of the medical research company’s stock valued at $76,247,000 after buying an additional 6,002,164 shares during the last quarter. WCM Investment Management CA increased its stake in shares of ICON PLC by 5.1% in the first quarter. WCM Investment Management CA now owns 3,712,253 shares of the medical research company’s stock valued at $295,941,000 after buying an additional 180,896 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of ICON PLC by 0.5% in the first quarter. Wellington Management Group LLP now owns 3,596,168 shares of the medical research company’s stock valued at $286,687,000 after buying an additional 17,609 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of ICON PLC by 6.4% in the first quarter. Alliancebernstein L.P. now owns 2,987,617 shares of the medical research company’s stock valued at $238,173,000 after buying an additional 178,995 shares during the last quarter. Finally, FMR LLC increased its stake in shares of ICON PLC by 9.2% in the first quarter. FMR LLC now owns 1,655,055 shares of the medical research company’s stock valued at $131,941,000 after buying an additional 139,222 shares during the last quarter. 92.61% of the stock is currently owned by institutional investors and hedge funds.

ICON PLC (NASDAQ:ICLR) traded down 2.83% during trading on Friday, reaching $102.84. The company had a trading volume of 932,831 shares. The company has a 50-day moving average price of $97.95 and a 200 day moving average price of $87.43. ICON PLC has a one year low of $73.76 and a one year high of $107.72. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 20.86 and a beta of 0.59.

ICON PLC (NASDAQ:ICLR) last issued its quarterly earnings data on Thursday, July 27th. The medical research company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.01. ICON PLC had a net margin of 15.97% and a return on equity of 29.24%. The business had revenue of $431 million during the quarter, compared to the consensus estimate of $430.68 million. During the same period in the prior year, the firm posted $1.14 EPS. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts expect that ICON PLC will post $5.23 earnings per share for the current year.

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Several analysts recently commented on ICLR shares. Zacks Investment Research downgraded ICON PLC from a “hold” rating to a “sell” rating in a research note on Wednesday, April 26th. ValuEngine cut ICON PLC from a “buy” rating to a “hold” rating in a report on Wednesday, May 31st. Jefferies Group LLC upgraded ICON PLC from a “hold” rating to a “buy” rating and increased their target price for the stock from $86.00 to $117.00 in a report on Thursday, June 29th. BidaskClub upgraded ICON PLC from a “hold” rating to a “buy” rating in a report on Friday, June 23rd. Finally, Credit Suisse Group reiterated an “outperform” rating and set a $102.00 target price (up previously from $91.00) on shares of ICON PLC in a report on Tuesday, June 6th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $102.63.

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.

Institutional Ownership by Quarter for ICON PLC (NASDAQ:ICLR)

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