Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $469.00 at Royal Bank of Canada

Bio-Rad Laboratories (NYSE:BIO) had its price target boosted by Royal Bank of Canada from $446.00 to $469.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 27.30% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company initiated coverage on shares of Bio-Rad Laboratories in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price objective for the company. StockNews.com lowered shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup upgraded shares of Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $350.00 to $400.00 in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories currently has an average rating of “Moderate Buy” and an average price target of $391.80.

Bio-Rad Laboratories Stock Performance

Bio-Rad Laboratories stock opened at $368.42 on Thursday. Bio-Rad Laboratories has a 12-month low of $262.12 and a 12-month high of $372.27. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.28 and a quick ratio of 4.63. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of -13.48 and a beta of 0.95. The firm’s fifty day moving average price is $333.99 and its 200 day moving average price is $308.47.

Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.28 by $0.73. Bio-Rad Laboratories had a positive return on equity of 3.66% and a negative net margin of 30.18%. The company had revenue of $649.70 million during the quarter, compared to analysts’ expectations of $628.18 million. During the same period in the prior year, the business posted $2.33 EPS. The business’s revenue was up 2.8% on a year-over-year basis. On average, research analysts forecast that Bio-Rad Laboratories will post 9.45 EPS for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BIO. Commonwealth Equity Services LLC acquired a new stake in shares of Bio-Rad Laboratories during the 1st quarter valued at $731,000. Janney Montgomery Scott LLC raised its position in shares of Bio-Rad Laboratories by 16.8% during the first quarter. Janney Montgomery Scott LLC now owns 4,724 shares of the medical research company’s stock worth $1,634,000 after purchasing an additional 680 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Bio-Rad Laboratories by 7.7% during the first 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 position in shares of Bio-Rad Laboratories by 2,052.5% in 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 period. Finally, Daiwa Securities Group Inc. increased its stake in Bio-Rad Laboratories by 17.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 2,230 shares of the medical research company’s stock worth $771,000 after purchasing an additional 328 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

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.