Zacks Research Weighs in on Bio-Rad Laboratories, Inc.’s Q1 2024 Earnings (NYSE:BIO)

Bio-Rad Laboratories, Inc. (NYSE:BIO) – Stock analysts at Zacks Research lowered their Q1 2024 earnings estimates for Bio-Rad Laboratories in a research report issued on Monday, April 15th. Zacks Research analyst R. Anand now forecasts that the medical research company will post earnings of $2.06 per share for the quarter, down from their prior forecast of $2.09. The consensus estimate for Bio-Rad Laboratories’ current full-year earnings is $10.41 per share. Zacks Research also issued estimates for Bio-Rad Laboratories’ Q2 2024 earnings at $2.17 EPS, Q4 2024 earnings at $3.39 EPS, Q2 2025 earnings at $1.95 EPS, Q4 2025 earnings at $3.30 EPS, FY2025 earnings at $11.47 EPS, Q1 2026 earnings at $2.84 EPS and FY2026 earnings at $12.27 EPS.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Thursday, February 15th. The medical research company reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.93 by $0.17. The company had revenue of $681.18 million for the quarter, compared to analysts’ expectations of $685.00 million. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the business posted $3.31 earnings per share.

A number of other equities research analysts have also recently issued reports on the company. Royal Bank of Canada cut their target price on Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Citigroup cut shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and cut their price objective for the company from $400.00 to $365.00 in a research note on Wednesday, April 3rd. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Friday, April 5th. Finally, UBS Group lifted their price objective on shares of Bio-Rad Laboratories from $395.00 to $420.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $468.00.

Bio-Rad Laboratories Stock Performance

BIO stock opened at $290.78 on Tuesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.34 and a current ratio of 5.83. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of -13.53 and a beta of 0.87. Bio-Rad Laboratories has a 1 year low of $261.59 and a 1 year high of $489.36. The stock’s fifty day moving average is $331.66 and its two-hundred day moving average is $321.00.

Hedge Funds Weigh In On Bio-Rad Laboratories

Institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new position in Bio-Rad Laboratories in the 4th quarter worth about $27,000. Farther Finance Advisors LLC grew its stake in Bio-Rad Laboratories by 42.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 101 shares of the medical research company’s stock valued at $38,000 after acquiring an additional 30 shares in the last quarter. Sound Income Strategies LLC purchased a new position in Bio-Rad Laboratories during the 1st quarter valued at about $38,000. Gladius Capital Management LP grew its stake in Bio-Rad Laboratories by 65.8% during the 4th quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock valued at $39,000 after acquiring an additional 48 shares in the last quarter. Finally, Principal Securities Inc. purchased a new position in Bio-Rad Laboratories during the 4th quarter valued at about $41,000. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Insiders Place Their Bets

In other Bio-Rad Laboratories news, EVP Michael Crowley sold 3,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $336.00, for a total value of $1,008,000.00. Following the sale, the executive vice president now directly owns 6,942 shares in the company, valued at $2,332,512. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 17.50% of the stock is owned by company insiders.

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.