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IQVIA Holdings (IQV) Hits a 52-Week High: What's Driving It?

Zacks.com logo Zacks.com 10/13/2020

Shares of IQVIA Holdings Inc. IQV scaled a 52-week high of $171.88 in the trading session on Oct 12, before closing a tad lower at $170.46.

The company’s shares have charted a solid trajectory, appreciating 10.4% year to date, ahead of 0.4% growth of the industry it belongs to and 8% rally of the Zacks S&P 500 composite.

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Notably, IQVIA has witnessed a 3.8% rise in share price since it posted second-quarter 2020 results.

Let’s find out what’s supporting the uptick.

Upbeat 2020 Guidance

IQVIA raised its full-year 2020 guidance.The company now projects adjusted earnings between $6.10 and $6.30, compared with the prior guidance of $5.75 and $6.10 per share. The current Zacks Consensus Estimate of $6.16 lies within the updated guidance.

Revenues are now expected in the range of $11-$11.1 billion, compared with the prior guidance of $10.6-$10.9 billion. The current Zacks Consensus Estimate of $11.05 billion lies within the updated guidance.

Adjusted EBITDA is now anticipated between $2,295 million and $2,345 million compared with the prior-guided range of $2,200-$2,300 million.

Consecutive Earnings & Revenue Beat

IQVIA Holdings came up with better-than-expected earnings and revenue performance in all four quarters of 2019 as well as in the first two quarters of 2020.

Solid Technological Suite

IQVIA Holdings is gaining momentum from its solid technological suite. The company offers an extensive range of technology solutions in the form of cloud-based applications and related services. Its Software-as-a-Service solution supports a vast range of clinical and commercial processes. By combining its database, healthcare expertise and therapeutic information collected from over 100 countries, the company creates its Global Market Insight offerings such as MIDAS, Analytics Link and Disease Insights.

All these solutions and services are used by healthcare and pharmaceutical companies to organize, enhance and implement their clinical and commercial strategies in a coordinated manner. It continues to secure notable awards and deals for its tech offerings from both new and old clients.

Zacks Rank and Other Stocks to Consider

IQVIA Holdings currently carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader Zacks Business Services sector are Republic Services RSG, CoreLogic CLGX and TransUnion TRU, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The long-term expected earnings per share (three to five years) growth rate for Republic Services, CoreLogic and TransUnion is 7.9%, 12% and 14%, respectively.

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