Bio-Rad Laboratories (NYSE:BIO) PT Lowered to $401.00 at Royal Bank of Canada

Bio-Rad Laboratories (NYSE:BIO) had its price objective reduced by investment analysts at Royal Bank of Canada from $402.00 to $401.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 19.01% from the company’s current price.

BIO has been the subject of several other reports. StockNews.com downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday. Jefferies Financial Group restated a “hold” rating and issued a $315.00 price objective (down previously from $440.00) on shares of Bio-Rad Laboratories in a report on Monday, June 3rd. Citigroup upped their target price on shares of Bio-Rad Laboratories from $300.00 to $350.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, UBS Group dropped their target price on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Bio-Rad Laboratories has an average rating of “Moderate Buy” and a consensus price target of $421.00.

Bio-Rad Laboratories Stock Down 1.3 %

NYSE BIO traded down $4.30 during trading hours on Friday, hitting $336.95. The company’s stock had a trading volume of 322,620 shares, compared to its average volume of 227,868. The company has a current ratio of 6.57, a quick ratio of 4.89 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $9.61 billion, a PE ratio of -32.52 and a beta of 0.93. Bio-Rad Laboratories has a 52 week low of $261.59 and a 52 week high of $419.00. The company’s 50-day simple moving average is $292.24 and its two-hundred day simple moving average is $307.60.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly 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 negative net margin of 12.37% and a positive return on equity of 3.59%. The company had revenue of $638.50 million during the quarter, compared to analyst estimates of $645.79 million. During the same quarter last year, the business posted $3.00 EPS. Bio-Rad Laboratories’s quarterly revenue was down 6.3% compared to the same quarter last year. Research analysts anticipate that Bio-Rad Laboratories will post 10.8 EPS for the current fiscal year.

Insider Buying and Selling at Bio-Rad Laboratories

In related news, EVP Michael Crowley sold 369 shares of Bio-Rad Laboratories stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $281.91, for a total value of $104,024.79. Following the completion of the transaction, the executive vice president now owns 6,573 shares in the company, valued at $1,852,994.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 17.06% of the company’s stock.

Institutional Investors Weigh In On Bio-Rad Laboratories

Several institutional investors and hedge funds have recently made changes to their positions in BIO. Vanguard Group Inc. increased its position in Bio-Rad Laboratories by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 2,421,334 shares of the medical research company’s stock worth $837,467,000 after purchasing an additional 31,445 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Bio-Rad Laboratories in the second quarter worth $180,040,000. Earnest Partners LLC increased its holdings in shares of Bio-Rad Laboratories by 30.8% during the first quarter. Earnest Partners LLC now owns 514,906 shares of the medical research company’s stock valued at $178,091,000 after purchasing an additional 121,272 shares during the period. Thompson Siegel & Walmsley LLC increased its holdings in shares of Bio-Rad Laboratories by 11.5% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 348,473 shares of the medical research company’s stock valued at $112,518,000 after purchasing an additional 35,890 shares during the period. Finally, Parnassus Investments LLC raised its position in Bio-Rad Laboratories by 7.7% in the fourth quarter. Parnassus Investments LLC now owns 237,790 shares of the medical research company’s stock worth $76,780,000 after acquiring an additional 16,999 shares in the last quarter. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

About Bio-Rad Laboratories

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.