Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $350.00

Bio-Rad Laboratories (NYSE:BIO) had its price target raised by Citigroup from $300.00 to $350.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a neutral rating on the medical research company’s stock.

Several other research firms have also issued reports on BIO. StockNews.com lowered shares of Bio-Rad Laboratories from a buy rating to a hold rating in a report on Thursday, August 1st. Jefferies Financial Group restated a hold rating and issued a $315.00 target price (down previously from $440.00) on shares of Bio-Rad Laboratories in a report on Monday, June 3rd. Finally, UBS Group decreased their price target on Bio-Rad Laboratories from $420.00 to $385.00 and set a buy rating for the company in a report on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bio-Rad Laboratories has a consensus rating of Moderate Buy and a consensus price target of $395.20.

Bio-Rad Laboratories Price Performance

Shares of BIO opened at $328.53 on Friday. The stock has a market cap of $9.37 billion, a PE ratio of -31.71 and a beta of 0.93. The company has a quick ratio of 4.89, a current ratio of 6.57 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $294.03 and a two-hundred day simple moving average of $307.87. Bio-Rad Laboratories has a 12-month low of $261.59 and a 12-month high of $406.44.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, August 1st. The medical research company reported $3.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.99. Bio-Rad Laboratories had a positive return on equity of 3.56% and a negative net margin of 51.73%. The business had revenue of $638.50 million during the quarter, compared to analyst estimates of $645.79 million. During the same period last year, the company earned $3.00 EPS. Bio-Rad Laboratories’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts anticipate that Bio-Rad Laboratories will post 10.8 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Michael Crowley sold 369 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $281.91, for a total transaction of $104,024.79. Following the transaction, the executive vice president now directly owns 6,573 shares of the company’s stock, valued at approximately $1,852,994.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 17.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bio-Rad Laboratories

A number of institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in Bio-Rad Laboratories by 18.5% during the second quarter. Victory Capital Management Inc. now owns 21,108 shares of the medical research company’s stock worth $5,765,000 after buying an additional 3,298 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its stake in Bio-Rad Laboratories by 0.3% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 34,953 shares of the medical research company’s stock valued at $9,546,000 after purchasing an additional 100 shares during the last quarter. First Pacific Advisors LP raised its stake in shares of Bio-Rad Laboratories by 53.3% in the second quarter. First Pacific Advisors LP now owns 160,552 shares of the medical research company’s stock worth $43,848,000 after purchasing an additional 55,813 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Bio-Rad Laboratories by 19.1% in the second quarter. National Bank of Canada FI now owns 5,508 shares of the medical research company’s stock valued at $1,454,000 after purchasing an additional 885 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in Bio-Rad Laboratories during the 2nd quarter valued at $88,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc manufactures and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.