Bio-Rad Laboratories (NYSE:BIO) Upgraded to “Hold” by Zacks Investment Research

Bio-Rad Laboratories (NYSE:BIOGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday, Zacks.com reports. The firm presently has a $576.00 target price on the medical research company’s stock. Zacks Investment Research‘s target price points to a potential upside of 6.91% from the stock’s current price.

According to Zacks, “Bio-Rad continued to experience solid recovery in most of its key global markets, as well as an uptick in demand for COVID-related products, driven byspread of the new Omicron variant during the fourth quarter. Further, strength in its key product lines across major geographic regions buoys optimism. The Diagnostics business registered growth across all of its product lines, driven by a recovery of routine testing. Bio-Rad exited the fourth quarter of 2021 on a mixed note with better-than-expected earnings and a revenue miss. Over the past year, Bio-Rad has outperformed its industry. However, Bio-Rad’s Life Sciences arm registered a year-over-year decline, attributed to lower qPCR product revenues resulting from the decline in COVID-related demand. The year-over-year rise in operating costs and contraction of both margins are worrying.”

BIO has been the subject of several other research reports. StockNews.com assumed coverage on Bio-Rad Laboratories in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Citigroup boosted their price target on Bio-Rad Laboratories from $750.00 to $800.00 in a research note on Friday, February 11th.

NYSE:BIO traded down $9.44 on Monday, hitting $538.75. 1,774 shares of the company’s stock traded hands, compared to its average volume of 235,342. Bio-Rad Laboratories has a 1 year low of $524.19 and a 1 year high of $832.70. The firm has a 50-day moving average price of $582.46 and a 200-day moving average price of $667.94. The company has a market cap of $16.13 billion, a PE ratio of 3.84 and a beta of 0.91.

Bio-Rad Laboratories (NYSE:BIOGet Rating) last released its earnings results on Thursday, February 10th. The medical research company reported $3.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.87 by $0.34. Bio-Rad Laboratories had a return on equity of 3.70% and a net margin of 145.28%. The company had revenue of $732.80 million for the quarter, compared to analysts’ expectations of $731.94 million. During the same quarter in the previous year, the business posted $4.01 EPS. The business’s revenue for the quarter was down 7.2% on a year-over-year basis. Analysts predict that Bio-Rad Laboratories will post 13.8 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Greenleaf Trust boosted its position in Bio-Rad Laboratories by 4.4% during the third quarter. Greenleaf Trust now owns 429 shares of the medical research company’s stock worth $320,000 after purchasing an additional 18 shares during the period. Veriti Management LLC boosted its position in Bio-Rad Laboratories by 6.5% during the fourth quarter. Veriti Management LLC now owns 296 shares of the medical research company’s stock worth $224,000 after purchasing an additional 18 shares during the period. Profund Advisors LLC boosted its position in Bio-Rad Laboratories by 4.0% during the fourth quarter. Profund Advisors LLC now owns 472 shares of the medical research company’s stock worth $357,000 after purchasing an additional 18 shares during the period. Colony Group LLC lifted its holdings in shares of Bio-Rad Laboratories by 2.1% during the fourth quarter. Colony Group LLC now owns 891 shares of the medical research company’s stock worth $673,000 after buying an additional 18 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Bio-Rad Laboratories by 1.2% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,710 shares of the medical research company’s stock worth $1,276,000 after buying an additional 20 shares during the last quarter. 64.58% of the stock is owned by institutional investors and hedge funds.

About Bio-Rad Laboratories (Get Rating)

Bio-Rad Laboratories, Inc engages in the development and production of specialty chemicals used in biochemical, pharmaceutical, and other life science research applications. It operates through the Life Sciences and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets reagents, apparatus, and laboratory instruments.

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