Royal Bank of Canada Cuts Bio-Rad Laboratories (NYSE:BIO) Price Target to $401.00

Bio-Rad Laboratories (NYSE:BIO) had its price target decreased by equities research analysts at Royal Bank of Canada from $402.00 to $401.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 19.01% from the company’s current price.

Several other equities research analysts have also issued reports on BIO. UBS Group dropped their target price on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Citigroup boosted their price objective on shares of Bio-Rad Laboratories from $300.00 to $350.00 and gave the company a “neutral” rating in a research report on Friday. Jefferies Financial Group reiterated a “hold” rating and issued a $315.00 price target (down previously from $440.00) on shares of Bio-Rad Laboratories in a research note on Monday, June 3rd. Finally, StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Bio-Rad Laboratories has an average rating of “Moderate Buy” and a consensus price target of $421.00.

Bio-Rad Laboratories Stock Down 1.3 %

NYSE BIO traded down $4.30 on Friday, hitting $336.95. 322,620 shares of the company were exchanged, compared to its average volume of 227,868. Bio-Rad Laboratories has a 12 month low of $261.59 and a 12 month high of $419.00. The company has a market cap of $9.61 billion, a PE ratio of -32.52 and a beta of 0.93. The stock has a fifty day moving average of $292.24 and a 200-day moving average of $307.60. The company has a current ratio of 6.57, a quick ratio of 4.89 and a debt-to-equity ratio of 0.13.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, August 1st. The medical research company reported $3.11 EPS for the quarter, beating the consensus estimate of $2.12 by $0.99. Bio-Rad Laboratories had a negative net margin of 12.37% and a positive return on equity of 3.59%. The company had revenue of $638.50 million during the quarter, compared to the consensus estimate of $645.79 million. During the same quarter in the prior year, the company posted $3.00 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, analysts forecast that Bio-Rad Laboratories will post 10.8 earnings per share for the current year.

Insider Transactions at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, EVP Michael Crowley sold 369 shares of Bio-Rad Laboratories stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $281.91, for a total value of $104,024.79. Following the transaction, the executive vice president now directly owns 6,573 shares in the company, valued at approximately $1,852,994.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 17.06% of the company’s stock.

Hedge Funds Weigh In On Bio-Rad Laboratories

Several institutional investors have recently added to or reduced their stakes in BIO. Parallel Advisors LLC boosted its position in shares of Bio-Rad Laboratories by 36.8% in the fourth quarter. Parallel Advisors LLC now owns 171 shares of the medical research company’s stock worth $55,000 after buying an additional 46 shares during the period. Signaturefd LLC grew its holdings in Bio-Rad Laboratories by 15.8% in the 4th quarter. Signaturefd LLC now owns 352 shares of the medical research company’s stock worth $114,000 after buying an additional 48 shares in the last quarter. Gladius Capital Management LP grew its holdings in Bio-Rad Laboratories by 65.8% in the 4th quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock worth $39,000 after buying an additional 48 shares in the last quarter. Wahed Invest LLC boosted its stake in Bio-Rad Laboratories by 14.0% during the 1st quarter. Wahed Invest LLC now owns 399 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 49 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its stake in Bio-Rad Laboratories by 1.9% during the 4th quarter. Yousif Capital Management LLC now owns 2,775 shares of the medical research company’s stock valued at $896,000 after purchasing an additional 51 shares in the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

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.