PPD (NASDAQ:PPD) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of PPD (NASDAQ:PPD) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “PPD Inc. is a contract research organization providing comprehensive, integrated drug development, laboratory and lifecycle management services. It serves pharmaceutical, biotechnology, medical device, academic and government organizations. PPD Inc. is based in NC, United States. “

Several other analysts have also issued reports on PPD. Credit Suisse Group upped their price target on shares of PPD from $30.00 to $35.00 and gave the company an outperform rating in a research report on Wednesday, August 5th. Mizuho upped their price target on shares of PPD from $29.00 to $35.00 and gave the company a buy rating in a research report on Thursday, August 6th. Citigroup upped their price target on shares of PPD from $31.00 to $37.00 and gave the company a buy rating in a research report on Thursday, August 6th. KeyCorp began coverage on shares of PPD in a report on Thursday, June 4th. They set an overweight rating and a $35.00 target price for the company. Finally, UBS Group increased their target price on shares of PPD from $32.00 to $35.00 and gave the stock a buy rating in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $33.27.

NASDAQ PPD traded down $0.51 during trading on Tuesday, hitting $30.95. 15,641 shares of the company’s stock traded hands, compared to its average volume of 1,296,177. The business’s fifty day moving average price is $28.84. PPD has a 12-month low of $10.61 and a 12-month high of $33.23. The firm has a market cap of $10.96 billion and a price-to-earnings ratio of 31.56.

PPD (NASDAQ:PPD) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.25 earnings per share (EPS) for the quarter, beating 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 previous year, the company earned $0.26 earnings per share. The business’s quarterly revenue was up 1.4% on a year-over-year basis. As a group, sell-side analysts expect that PPD will post 0.19 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in PPD. Raymond James & Associates bought a new position in PPD in the first quarter worth about $1,380,000. UBS Group AG bought a new position in PPD in the first quarter worth about $149,000. BlackRock Inc. bought a new position in PPD in the first quarter worth about $106,197,000. Victory Capital Management Inc. bought a new position in PPD in the first quarter worth about $182,000. Finally, State Board of Administration of Florida Retirement System bought a new position in PPD in the first quarter worth about $475,000. 65.46% of the stock is owned by institutional investors.

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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Analyst Recommendations for PPD (NASDAQ:PPD)

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