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

Bio-Rad Laboratories (NYSE:BIO) had its price objective hoisted by Citigroup from $400.00 to $450.00 in a report released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

BIO has been the subject of several other research reports. Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price objective for the company. Royal Bank of Canada raised their price objective on shares of Bio-Rad Laboratories from $446.00 to $469.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, StockNews.com downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Bio-Rad Laboratories has an average rating of “Moderate Buy” and an average target price of $391.80.

Bio-Rad Laboratories Stock Up 2.9 %

BIO stock opened at $368.42 on Thursday. The firm’s 50-day moving average is $333.99 and its two-hundred day moving average is $308.58. The company has a market capitalization of $10.27 billion, a price-to-earnings ratio of -13.48 and a beta of 0.93. Bio-Rad Laboratories has a 52 week low of $262.12 and a 52 week high of $372.27. The company has a current ratio of 6.14, a quick ratio of 4.63 and a debt-to-equity ratio of 0.16.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.16 by $0.85. The firm had revenue of $649.70 million for the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.33 earnings per share. On average, analysts forecast that Bio-Rad Laboratories will post 9.45 earnings per share for the current fiscal year.

Insider Activity at Bio-Rad Laboratories

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

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of institutional investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC lifted its position in shares of Bio-Rad Laboratories by 193.8% in the second quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock worth $26,000 after purchasing an additional 62 shares in the last quarter. UMB Bank n.a. lifted its position in Bio-Rad Laboratories by 140.6% in the 3rd 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 in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Bio-Rad Laboratories during the 1st quarter valued at $51,000. Headlands Technologies LLC purchased a new position in shares of Bio-Rad Laboratories during the 2nd quarter valued at $51,000. Finally, Quarry LP acquired a new position in shares of Bio-Rad Laboratories in the second quarter worth $59,000. 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.