Royal Bank of Canada Raises Bio-Rad Laboratories (NYSE:BIO) Price Target to $481.00

Bio-Rad Laboratories (NYSE:BIO) had its price objective boosted by equities research analysts at Royal Bank of Canada from $369.00 to $481.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical research company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 47.77% from the stock’s current price.

Several other analysts have also recently issued reports on BIO. Wells Fargo & Company initiated coverage on shares of Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 price objective for the company. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Citigroup lifted their price objective on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $394.20.

Bio-Rad Laboratories Stock Performance

NYSE BIO opened at $325.50 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.14 and a quick ratio of 4.52. The stock’s 50 day simple moving average is $341.22 and its 200-day simple moving average is $319.41. The company has a market cap of $9.11 billion, a PE ratio of -11.91 and a beta of 0.90. Bio-Rad Laboratories has a 1-year low of $262.12 and a 1-year high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.85. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%. The company had revenue of $649.70 million for the quarter, compared to analysts’ expectations of $628.18 million. During the same quarter in the previous year, the company posted $2.33 EPS. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities research analysts anticipate that Bio-Rad Laboratories will post 10.29 EPS for the current fiscal year.

Institutional Trading of Bio-Rad Laboratories

Several hedge funds have recently made changes to their positions in BIO. Cetera Advisors LLC acquired a new position in Bio-Rad Laboratories in the first quarter valued at approximately $404,000. CWM LLC lifted its stake in shares of Bio-Rad Laboratories by 15.7% in the 2nd quarter. CWM LLC now owns 759 shares of the medical research company’s stock valued at $207,000 after purchasing an additional 103 shares during the last quarter. Czech National Bank grew its holdings in shares of Bio-Rad Laboratories by 5.6% during the 2nd quarter. Czech National Bank now owns 3,888 shares of the medical research company’s stock worth $1,062,000 after purchasing an additional 206 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Bio-Rad Laboratories by 9.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 947 shares of the medical research company’s stock worth $259,000 after purchasing an additional 82 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Bio-Rad Laboratories by 36.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 54,332 shares of the medical research company’s stock worth $14,839,000 after purchasing an additional 14,457 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

About Bio-Rad Laboratories

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.