Bio-Rad Laboratories (NYSE:BIO) Given New $450.00 Price Target at Citigroup

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

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

Bio-Rad Laboratories Stock Up 8.4 %

Shares of Bio-Rad Laboratories stock opened at $358.19 on Thursday. Bio-Rad Laboratories has a 1-year low of $262.12 and a 1-year high of $364.24. The firm’s 50-day moving average price is $332.92 and its two-hundred day moving average price is $308.00. The company has a quick ratio of 4.63, a current ratio of 6.28 and a debt-to-equity ratio of 0.18.

Bio-Rad Laboratories (NYSE:BIO) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.73. Bio-Rad Laboratories had a positive return on equity of 3.66% and a negative net margin of 30.18%. The business had revenue of $649.70 million for the quarter, compared to analyst estimates of $628.18 million. During the same period in the prior year, the company earned $2.33 EPS. Bio-Rad Laboratories’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, sell-side analysts expect that Bio-Rad Laboratories will post 9.45 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Bio-Rad Laboratories

Several large investors have recently bought and sold shares of BIO. Van ECK Associates Corp acquired a new position in shares of Bio-Rad Laboratories in the 2nd quarter valued at $180,040,000. First Eagle Investment Management LLC grew its stake in Bio-Rad Laboratories by 32,296.9% in the second quarter. First Eagle Investment Management LLC now owns 636,275 shares of the medical research company’s stock valued at $173,773,000 after acquiring an additional 634,311 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Bio-Rad Laboratories by 64.4% in the second quarter. Dimensional Fund Advisors LP now owns 494,604 shares of the medical research company’s stock worth $135,081,000 after acquiring an additional 193,700 shares in the last quarter. Select Equity Group L.P. raised its position in shares of Bio-Rad Laboratories by 26.2% during the second quarter. Select Equity Group L.P. now owns 649,522 shares of the medical research company’s stock worth $177,391,000 after purchasing an additional 134,856 shares during the period. Finally, Earnest Partners LLC lifted its holdings in shares of Bio-Rad Laboratories by 30.8% during the 1st quarter. Earnest Partners LLC now owns 514,906 shares of the medical research company’s stock valued at $178,091,000 after purchasing an additional 121,272 shares in the last quarter. Institutional investors own 65.24% of the company’s stock.

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.