State of Michigan Retirement System Raises Stake in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Posted by Defense World Staff on Jul 22nd, 2023

State of Michigan Retirement System grew its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO – Free Report) by 1.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,950 shares of the medical research company’s stock after buying an additional 100 shares during the period. State of Michigan Retirement System’s holdings in Bio-Rad Laboratories were worth $2,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Bio-Rad Laboratories by 1.3% during the first quarter. Vanguard Group Inc. now owns 2,317,941 shares of the medical research company’s stock valued at $1,305,534,000 after buying an additional 30,476 shares during the last quarter. Veritas Asset Management LLP raised its position in shares of Bio-Rad Laboratories by 15.6% during the fourth quarter. Veritas Asset Management LLP now owns 1,152,287 shares of the medical research company’s stock valued at $484,525,000 after buying an additional 155,666 shares during the last quarter. State Street Corp raised its position in shares of Bio-Rad Laboratories by 0.3% during the third quarter. State Street Corp now owns 958,704 shares of the medical research company’s stock valued at $399,914,000 after buying an additional 2,869 shares during the last quarter. Brown Advisory Inc. raised its position in shares of Bio-Rad Laboratories by 5.8% during the fourth quarter. Brown Advisory Inc. now owns 820,885 shares of the medical research company’s stock valued at $345,174,000 after buying an additional 45,173 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Bio-Rad Laboratories by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 434,886 shares of the medical research company’s stock valued at $182,528,000 after buying an additional 7,721 shares during the last quarter. Institutional investors own 64.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Bio-Rad Laboratories in a research report on Friday, June 16th. They issued an “overweight” rating and a $550.00 price target on the stock. StockNews.com assumed coverage on shares of Bio-Rad Laboratories in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $603.00.

Insider Buying and Selling at Bio-Rad Laboratories

In other news, EVP Michael Crowley sold 500 shares of the business’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $379.39, for a total transaction of $189,695.00. Following the completion of the sale, the executive vice president now directly owns 6,040 shares of the company’s stock, valued at $2,291,515.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Ajit Ramalingam sold 198 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $368.30, for a total transaction of $72,923.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael Crowley sold 500 shares of the business’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $379.39, for a total transaction of $189,695.00. Following the sale, the executive vice president now directly owns 6,040 shares of the company’s stock, valued at $2,291,515.60. The disclosure for this sale can be found here. Company insiders own 17.06% of the company’s stock.

Bio-Rad Laboratories Trading Up 4.0 %

BIO stock opened at $414.32 on Friday. The company has a quick ratio of 4.28, a current ratio of 5.56 and a debt-to-equity ratio of 0.12. Bio-Rad Laboratories, Inc. has a twelve month low of $344.63 and a twelve month high of $572.70. The stock has a market capitalization of $12.27 billion, a price-to-earnings ratio of -63.35 and a beta of 0.89. The firm’s fifty day simple moving average is $377.94 and its two-hundred day simple moving average is $432.46.

Bio-Rad Laboratories (NYSE:BIO – Get Free Report) last posted its quarterly earnings data on Thursday, May 4th. The medical research company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.24 by $0.10. Bio-Rad Laboratories had a negative net margin of 7.01% and a positive return on equity of 4.10%. The business had revenue of $676.80 million for the quarter, compared to analysts’ expectations of $689.28 million. During the same quarter in the previous year, the business posted $4.94 earnings per share. The business’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts anticipate that Bio-Rad Laboratories, Inc. will post 13.81 earnings per share for the current year.

About Bio-Rad Laboratories

(Free Report)

Bio-Rad Laboratories, Inc manufactures, and distributes life science research and clinical diagnostic products in the United States, Europe, Asia, Canada, and Latin America. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes.