Citigroup Cuts Bio-Rad Laboratories (NYSE:BIO) Price Target to $350.00

Bio-Rad Laboratories (NYSE:BIO) had its price target cut by Citigroup from $400.00 to $350.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the medical research company’s stock.

A number of other equities research analysts have also weighed in on BIO. Wells Fargo & Company decreased their target price on Bio-Rad Laboratories from $320.00 to $270.00 and set an “equal weight” rating for the company in a research report on Thursday, April 17th. Royal Bank of Canada lowered their price objective on shares of Bio-Rad Laboratories from $409.00 to $392.00 and set an “outperform” rating for the company in a research note on Friday. Finally, StockNews.com downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research report on Monday, February 17th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $327.40.

Bio-Rad Laboratories Stock Down 1.5 %

Shares of BIO opened at $236.83 on Friday. The firm has a fifty day moving average price of $246.93 and a 200-day moving average price of $304.68. The company has a current ratio of 6.48, a quick ratio of 4.85 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $6.63 billion, a P/E ratio of -3.64 and a beta of 1.12. Bio-Rad Laboratories has a 12-month low of $215.38 and a 12-month high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last released its quarterly earnings data on Thursday, May 1st. The medical research company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.81. The company had revenue of $585.40 million during the quarter, compared to analysts’ expectations of $573.01 million. Bio-Rad Laboratories had a negative net margin of 71.86% and a positive return on equity of 3.90%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.30 EPS. Equities research analysts expect that Bio-Rad Laboratories will post 10.81 earnings per share for the current year.

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its position in shares of Bio-Rad Laboratories by 2,175.0% in the 4th quarter. Venturi Wealth Management LLC now owns 91 shares of the medical research company’s stock worth $30,000 after purchasing an additional 87 shares in the last quarter. GeoWealth Management LLC boosted its holdings in Bio-Rad Laboratories by 342.9% in the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company’s stock worth $31,000 after acquiring an additional 72 shares in the last quarter. Picton Mahoney Asset Management grew its stake in shares of Bio-Rad Laboratories by 55.6% during the fourth quarter. Picton Mahoney Asset Management now owns 98 shares of the medical research company’s stock worth $32,000 after acquiring an additional 35 shares during the last quarter. Asset Planning Inc acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter valued at about $33,000. Finally, UMB Bank n.a. raised its position in shares of Bio-Rad Laboratories by 41.6% in the 4th quarter. UMB Bank n.a. now owns 109 shares of the medical research company’s stock valued at $36,000 after purchasing an additional 32 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

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.