Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $450.00 at Citigroup

Bio-Rad Laboratories (NYSE:BIO) had its target price increased by equities researchers at Citigroup from $400.00 to $450.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical research company’s stock. Citigroup’s price target indicates a potential upside of 25.63% from the stock’s current price.

A number of other research firms also recently commented on BIO. StockNews.com downgraded Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Wells Fargo & Company started coverage on Bio-Rad Laboratories in a research report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price objective on the stock. Finally, Royal Bank of Canada upped their price objective on Bio-Rad Laboratories from $446.00 to $469.00 and gave the company an “outperform” rating in a research report on Thursday. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $391.80.

Bio-Rad Laboratories Price Performance

BIO traded up $27.61 during trading on Thursday, reaching $358.19. 403,055 shares of the stock were exchanged, compared to its average volume of 248,833. The business’s 50 day moving average price is $331.96 and its two-hundred day moving average price is $307.65. 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 $9.98 billion, a price-to-earnings ratio of -7.62 and a beta of 0.95. Bio-Rad Laboratories has a 1 year low of $262.12 and a 1 year high of $364.24.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.73. The company had revenue of $649.70 million for the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.77% and a negative net margin of 51.73%. Bio-Rad Laboratories’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $2.33 earnings per share. As a group, equities research analysts anticipate that Bio-Rad Laboratories will post 9.45 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC grew its stake in Bio-Rad Laboratories by 193.8% during the second quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock worth $26,000 after buying an additional 62 shares during the period. UMB Bank n.a. grew its stake in Bio-Rad Laboratories by 140.6% during the third quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock worth $26,000 after buying an additional 45 shares during the period. EntryPoint Capital LLC purchased a new stake in Bio-Rad Laboratories during the first quarter worth approximately $51,000. Headlands Technologies LLC purchased a new stake in Bio-Rad Laboratories during the second quarter worth approximately $51,000. Finally, Quarry LP purchased a new stake in Bio-Rad Laboratories during the second quarter worth approximately $59,000. 65.24% of the stock is currently owned by hedge funds and other institutional investors.

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.