Q1 2018 EPS Estimates for Bio-Rad Laboratories, Inc. Decreased by Jefferies Group (BIO)
Bio-Rad Laboratories, Inc. (NYSE:BIO) – Research analysts at Jefferies Group cut their Q1 2018 earnings per share (EPS) estimates for shares of Bio-Rad Laboratories in a report released on Wednesday. Jefferies Group analyst B. Couillard now forecasts that the medical research company will earn $0.74 per share for the quarter, down from their previous estimate of $0.84. Jefferies Group currently has a “Buy” rating and a $325.00 target price on the stock. Jefferies Group also issued estimates for Bio-Rad Laboratories’ Q3 2018 earnings at $1.57 EPS and FY2019 earnings at $7.35 EPS.
A number of other research firms have also commented on BIO. Zacks Investment Research upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “strong-buy” rating and set a $291.00 price objective on the stock in a research note on Wednesday, December 13th. TheStreet upgraded shares of Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. CL King lowered shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating in a research note on Friday, February 16th. Wells Fargo & Co dropped their price objective on shares of Bio-Rad Laboratories from $290.00 to $280.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Citigroup lifted their price objective on shares of Bio-Rad Laboratories to $325.00 and gave the company a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $295.20.
Bio-Rad Laboratories declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 28th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the medical research company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, CFO Christine A. Tsingos sold 4,980 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $249.40, for a total transaction of $1,242,012.00. Following the transaction, the chief financial officer now directly owns 7,283 shares in the company, valued at $1,816,380.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Crowley sold 1,000 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $258.39, for a total transaction of $258,390.00. Following the transaction, the executive vice president now owns 2,492 shares in the company, valued at $643,907.88. The disclosure for this sale can be found here. Insiders own 28.29% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Xact Kapitalforvaltning AB acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter worth about $423,000. MetLife Investment Advisors LLC acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter worth about $3,053,000. Castleark Management LLC acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter worth about $4,602,000. Jane Street Group LLC acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter worth about $408,000. Finally, Verition Fund Management LLC increased its stake in shares of Bio-Rad Laboratories by 72.0% during the fourth quarter. Verition Fund Management LLC now owns 3,890 shares of the medical research company’s stock worth $928,000 after acquiring an additional 1,628 shares during the period. Institutional investors and hedge funds own 64.05% of the company’s stock.
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Bio-Rad Laboratories Company Profile
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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