Bio-Rad Laboratories (NYSE:BIO) Receives New Coverage from Analysts at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Bio-Rad Laboratories (NYSE:BIO) in a report published on Tuesday morning, Benzinga reports. The brokerage issued an equal weight rating and a $340.00 target price on the medical research company’s stock.

Other equities analysts have also issued research reports about the stock. Royal Bank of Canada reissued an outperform rating and issued a $401.00 price target on shares of Bio-Rad Laboratories in a report on Friday, August 16th. Jefferies Financial Group restated a hold rating and set a $315.00 price target (down previously from $440.00) on shares of Bio-Rad Laboratories in a research report on Monday, June 3rd. StockNews.com lowered Bio-Rad Laboratories from a buy rating to a hold rating in a research note on Thursday, August 1st. UBS Group reduced their price objective on Bio-Rad Laboratories from $420.00 to $385.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Finally, Citigroup boosted their target price on Bio-Rad Laboratories from $300.00 to $350.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bio-Rad Laboratories presently has an average rating of Hold and an average price target of $358.20.

Bio-Rad Laboratories Trading Up 2.0 %

Shares of BIO stock opened at $319.67 on Tuesday. The company has a market capitalization of $9.12 billion, a PE ratio of -30.86 and a beta of 0.93. Bio-Rad Laboratories has a 52-week low of $261.59 and a 52-week high of $406.44. The business’s fifty day moving average is $305.14 and its 200 day moving average is $307.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.89 and a current ratio of 6.57.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, August 1st. The medical research company reported $3.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.99. Bio-Rad Laboratories had a positive return on equity of 3.56% and a negative net margin of 51.73%. The business had revenue of $638.50 million for the quarter, compared to analyst estimates of $645.79 million. During the same period in the prior year, the company earned $3.00 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, equities research analysts anticipate that Bio-Rad Laboratories will post 10.8 EPS for the current fiscal year.

Insider Activity

In other news, EVP Michael Crowley sold 369 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $281.91, for a total value of $104,024.79. Following the completion of the sale, the executive vice president now owns 6,573 shares of the company’s stock, valued at approximately $1,852,994.43. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 17.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in Bio-Rad Laboratories by 36.8% in the 4th quarter. Parallel Advisors LLC now owns 171 shares of the medical research company’s stock worth $55,000 after acquiring an additional 46 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Bio-Rad Laboratories by 15.8% during the fourth quarter. Signaturefd LLC now owns 352 shares of the medical research company’s stock worth $114,000 after purchasing an additional 48 shares during the period. Gladius Capital Management LP grew its stake in shares of Bio-Rad Laboratories by 65.8% in the fourth quarter. Gladius Capital Management LP now owns 121 shares of the medical research company’s stock worth $39,000 after purchasing an additional 48 shares during the last quarter. Wahed Invest LLC increased its holdings in Bio-Rad Laboratories by 14.0% during the 1st quarter. Wahed Invest LLC now owns 399 shares of the medical research company’s stock valued at $138,000 after purchasing an additional 49 shares during the period. Finally, Yousif Capital Management LLC raised its position in Bio-Rad Laboratories by 1.9% during the 4th quarter. Yousif Capital Management LLC now owns 2,775 shares of the medical research company’s stock valued at $896,000 after purchasing an additional 51 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

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.