PNC Financial Services Group Inc. Sells 5,152 Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO)

PNC Financial Services Group Inc. cut its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 60.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,350 shares of the medical research company’s stock after selling 5,152 shares during the period. PNC Financial Services Group Inc.’s holdings in Bio-Rad Laboratories were worth $816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Lecap Asset Management Ltd. increased its position in shares of Bio-Rad Laboratories by 3.1% during the first quarter. Lecap Asset Management Ltd. now owns 1,600 shares of the medical research company’s stock valued at $390,000 after buying an additional 48 shares during the period. State of Alaska Department of Revenue increased its position in shares of Bio-Rad Laboratories by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 2,254 shares of the medical research company’s stock valued at $548,000 after buying an additional 55 shares during the period. ProShare Advisors LLC increased its position in shares of Bio-Rad Laboratories by 8.0% during the fourth quarter. ProShare Advisors LLC now owns 901 shares of the medical research company’s stock valued at $296,000 after buying an additional 67 shares during the period. GeoWealth Management LLC increased its position in shares of Bio-Rad Laboratories by 342.9% during the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company’s stock valued at $31,000 after buying an additional 72 shares during the period. Finally, Commerce Bank increased its position in shares of Bio-Rad Laboratories by 11.7% during the fourth quarter. Commerce Bank now owns 801 shares of the medical research company’s stock valued at $263,000 after buying an additional 84 shares during the period. 65.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BIO has been the topic of several analyst reports. Wells Fargo & Company upped their price target on Bio-Rad Laboratories from $245.00 to $265.00 and gave the company an “equal weight” rating in a research report on Friday, August 1st. UBS Group decreased their price objective on shares of Bio-Rad Laboratories from $355.00 to $310.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Citigroup decreased their price objective on shares of Bio-Rad Laboratories from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Royal Bank Of Canada upped their price objective on shares of Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $333.50.

Bio-Rad Laboratories Stock Up 0.1%

BIO stock opened at $264.48 on Tuesday. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 22.55 and a beta of 0.90. The company’s 50 day moving average is $246.24 and its 200 day moving average is $256.29. The company has a current ratio of 5.12, a quick ratio of 3.67 and a debt-to-equity ratio of 0.17. Bio-Rad Laboratories, Inc. has a 1-year low of $211.43 and a 1-year high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last issued its earnings results on Thursday, July 31st. The medical research company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.68. The business had revenue of $651.60 million during the quarter, compared to analyst estimates of $614.82 million. Bio-Rad Laboratories had a return on equity of 4.01% and a net margin of 12.50%. Bio-Rad Laboratories’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.11 earnings per share. Sell-side analysts predict that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current fiscal year.

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.