Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $330.00

Bio-Rad Laboratories (NYSE:BIO) had its price target increased by Citigroup from $300.00 to $330.00 in a research report released on Wednesday, MarketBeat reports. The brokerage currently has a hold rating on the medical research company’s stock.

A number of other research analysts have also recently weighed in on BIO. Royal Bank Of Canada raised their price target on Bio-Rad Laboratories from $320.00 to $370.00 and gave the company an “outperform” rating in a research report on Wednesday. Zacks Research downgraded Bio-Rad Laboratories from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Wells Fargo & Company lifted their price objective on Bio-Rad Laboratories from $310.00 to $330.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bio-Rad Laboratories in a report on Monday. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $343.33.

Bio-Rad Laboratories Price Performance

BIO opened at $352.72 on Wednesday. The stock’s 50-day moving average price is $303.18 and its 200 day moving average price is $288.65. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 42.75 and a beta of 1.06. Bio-Rad Laboratories has a 12-month low of $236.73 and a 12-month high of $353.33. The company has a current ratio of 3.14, a quick ratio of 2.37 and a debt-to-equity ratio of 0.11.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings data on Tuesday, August 4th. The medical research company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.87. Bio-Rad Laboratories had a net margin of 8.59% and a return on equity of 3.54%. The company had revenue of $651.00 million for the quarter, compared to the consensus estimate of $623.99 million. During the same period in the prior year, the firm posted $2.61 EPS. The company’s quarterly revenue was down .1% compared to the same quarter last year. As a group, sell-side analysts expect that Bio-Rad Laboratories will post 9.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its stake in Bio-Rad Laboratories by 4,534.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 399,207 shares of the medical research company’s stock valued at $120,956,000 after buying an additional 390,593 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Bio-Rad Laboratories by 2,271.3% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 397,171 shares of the medical research company’s stock worth $111,363,000 after buying an additional 380,422 shares during the last quarter. Boston Partners bought a new position in Bio-Rad Laboratories during the fourth quarter valued at approximately $75,037,000. Assenagon Asset Management S.A. raised its position in Bio-Rad Laboratories by 6,586.3% during the first quarter. Assenagon Asset Management S.A. now owns 147,834 shares of the medical research company’s stock valued at $41,209,000 after acquiring an additional 145,623 shares in the last quarter. Finally, Norges Bank acquired a new stake in Bio-Rad Laboratories in the fourth quarter valued at approximately $34,600,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.