Bio-Rad Laboratories (NYSE:BIO) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Bio-Rad Laboratories (NYSE:BIO) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm issued an equal weight rating and a $340.00 target price on the medical research company’s stock.

Other analysts have also issued reports about the company. StockNews.com lowered Bio-Rad Laboratories from a buy rating to a hold rating in a report on Thursday, August 1st. Citigroup lifted their target price on Bio-Rad Laboratories from $300.00 to $350.00 and gave the company a neutral rating in a research report on Friday, August 2nd. Royal Bank of Canada reaffirmed an outperform rating and issued a $401.00 target price on shares of Bio-Rad Laboratories in a research report on Friday, August 16th. UBS Group lowered their target price on Bio-Rad Laboratories from $420.00 to $385.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group reaffirmed a hold rating and issued a $315.00 target price (down previously from $440.00) on shares of Bio-Rad Laboratories in a research report on Monday, June 3rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $358.20.

Bio-Rad Laboratories Stock Performance

BIO stock opened at $337.32 on Tuesday. The business’s 50-day moving average price is $307.89 and its two-hundred day moving average price is $308.16. The company has a current ratio of 6.57, a quick ratio of 4.89 and a debt-to-equity ratio of 0.13. The firm has a market cap of $9.62 billion, a PE ratio of -32.56 and a beta of 0.93. Bio-Rad Laboratories has a 1-year low of $261.59 and a 1-year high of $406.44.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Thursday, August 1st. The medical research company reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.99. The company had revenue of $638.50 million for the quarter, compared to analyst estimates of $645.79 million. Bio-Rad Laboratories had a positive return on equity of 3.56% and a negative net margin of 51.73%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.00 earnings per share. As a group, research analysts forecast that Bio-Rad Laboratories will post 10.8 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Bio-Rad Laboratories

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Bio-Rad Laboratories in the second quarter valued at approximately $59,000. William B. Walkup & Associates Inc. acquired a new position in shares of Bio-Rad Laboratories in the second quarter valued at approximately $519,000. Scientech Research LLC acquired a new position in shares of Bio-Rad Laboratories in the second quarter valued at approximately $1,186,000. Select Equity Group L.P. grew its position in shares of Bio-Rad Laboratories by 26.2% in the second quarter. Select Equity Group L.P. now owns 649,522 shares of the medical research company’s stock valued at $177,391,000 after purchasing an additional 134,856 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Bio-Rad Laboratories by 44.0% in the second quarter. Mackenzie Financial Corp now owns 1,054 shares of the medical research company’s stock valued at $288,000 after purchasing an additional 322 shares during 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.