Bio-Rad Laboratories (NYSE:BIO) Stock Price Expected to Rise, Citigroup Analyst Says

Bio-Rad Laboratories (NYSE:BIO) had its price objective increased by research analysts at Citigroup from $400.00 to $450.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the medical research company’s stock. Citigroup’s target price would indicate a potential upside of 22.14% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Royal Bank of Canada raised their price objective on Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a research note on Thursday. Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a research report on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price for the company. Finally, StockNews.com lowered Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $391.80.

Bio-Rad Laboratories Price Performance

NYSE:BIO opened at $368.42 on Thursday. The firm has a market capitalization of $10.27 billion, a price-to-earnings ratio of -13.48 and a beta of 0.95. The company has a quick ratio of 4.63, a current ratio of 6.28 and a debt-to-equity ratio of 0.18. Bio-Rad Laboratories has a 12-month low of $262.12 and a 12-month high of $372.27. The stock’s 50 day moving average price is $333.99 and its two-hundred day moving average price is $308.47.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.73. The company had revenue of $649.70 million for the quarter, compared to analyst estimates of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.66% and a negative net margin of 30.18%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.33 earnings per share. On average, analysts anticipate that Bio-Rad Laboratories will post 9.45 earnings per share for the current year.

Insider Transactions at Bio-Rad Laboratories

In related news, EVP James Barry sold 623 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total value of $205,895.27. Following the completion of the sale, the executive vice president now directly owns 147 shares of the company’s stock, valued at $48,582.03. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP James Barry sold 623 shares of the business’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $330.49, for a total value of $205,895.27. Following the completion of the sale, the executive vice president now directly owns 147 shares of the company’s stock, valued at $48,582.03. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $329.94, for a total value of $989,820.00. Following the completion of the sale, the chief operating officer now directly owns 7,559 shares of the company’s stock, valued at $2,494,016.46. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.06% of the company’s stock.

Institutional Trading of Bio-Rad Laboratories

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC acquired a new position in Bio-Rad Laboratories during the 1st quarter valued at about $731,000. Janney Montgomery Scott LLC boosted its stake in Bio-Rad Laboratories by 16.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 4,724 shares of the medical research company’s stock valued at $1,634,000 after purchasing an additional 680 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in Bio-Rad Laboratories by 7.7% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 836 shares of the medical research company’s stock valued at $289,000 after purchasing an additional 60 shares during the last quarter. First Pacific Advisors LP boosted its stake in Bio-Rad Laboratories by 2,052.5% during the 1st quarter. First Pacific Advisors LP now owns 104,739 shares of the medical research company’s stock valued at $36,226,000 after purchasing an additional 99,873 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in Bio-Rad Laboratories by 17.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 2,230 shares of the medical research company’s stock valued at $771,000 after purchasing an additional 328 shares during the last quarter. 65.24% of the stock is owned by institutional investors.

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.