Several other research firms have also recently issued reports on PPD. Zacks Investment Research cut PPD from a buy rating to a hold rating in a research report on Tuesday, August 11th. Morgan Stanley increased their target price on PPD from $30.00 to $35.00 and gave the stock an overweight rating in a research report on Wednesday, August 5th. Mizuho increased their price target on PPD from $35.00 to $38.00 and gave the company a buy rating in a research note on Tuesday. Credit Suisse Group increased their price target on PPD from $30.00 to $35.00 and gave the company an outperform rating in a research note on Wednesday, August 5th. Finally, Robert W. Baird increased their price target on PPD from $36.00 to $40.00 and gave the company an outperform rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. PPD currently has a consensus rating of Buy and an average price target of $33.93.
Shares of PPD opened at $32.95 on Tuesday. PPD has a 52 week low of $10.61 and a 52 week high of $35.70. The business has a 50-day simple moving average of $32.77 and a two-hundred day simple moving average of $26.98. The stock has a market cap of $11.49 billion and a price-to-earnings ratio of 33.62.
PPD (NASDAQ:PPD) last released its earnings results on Tuesday, August 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.03. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $925.53 million. During the same quarter in the prior year, the business posted $0.26 EPS. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. Equities research analysts forecast that PPD will post 0.18 EPS for the current year.
In other news, Director Colin Hill sold 1,722 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $31.28, for a total value of $53,864.16. Following the sale, the director now directly owns 14,166 shares in the company, valued at $443,112.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Carlyle Group Management L.L.C sold 10,732,261 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $31.28, for a total value of $335,705,124.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,786,316 shares of company stock worth $337,506,003.
Hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new position in PPD during the 2nd quarter worth $230,000. Neuberger Berman Group LLC increased its holdings in PPD by 684.7% during the 2nd quarter. Neuberger Berman Group LLC now owns 605,000 shares of the company’s stock worth $16,214,000 after purchasing an additional 527,900 shares during the period. Nuveen Asset Management LLC increased its holdings in PPD by 231.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 794,059 shares of the company’s stock worth $21,281,000 after purchasing an additional 554,693 shares during the period. Charles Schwab Investment Management Inc. purchased a new position in PPD during the 2nd quarter worth $3,878,000. Finally, Man Group plc purchased a new position in PPD during the 2nd quarter worth $2,248,000. Hedge funds and other institutional investors own 65.00% of the company’s stock.
PPD Company Profile
PPD, Inc provides drug development services to the biopharmaceutical industry worldwide. The company offers clinical development and laboratory services to the pharmaceutical, biotechnology, and medical device and government organizations, as well as other industry participants. It operates in two segments, Clinical Development Services and Laboratory Services.
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