Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $524.00

Posted by on Aug 8th, 2023

Bio-Rad Laboratories (NYSE:BIO – Free Report) had its price objective raised by Royal Bank of Canada from $522.00 to $524.00 in a report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the medical research company’s stock.

A number of other research firms also recently commented on BIO. Credit Suisse Group decreased their target price on Bio-Rad Laboratories from $580.00 to $550.00 and set an outperform rating for the company in a report on Friday. Wells Fargo & Company initiated coverage on Bio-Rad Laboratories in a report on Friday, June 16th. They set an overweight rating and a $550.00 target price for the company. Finally, StockNews.com raised Bio-Rad Laboratories from a hold rating to a buy rating in a report on Thursday, August 3rd. Four equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Bio-Rad Laboratories has a consensus rating of Buy and an average target price of $533.00.

Get Our Latest Analysis on Bio-Rad Laboratories

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO opened at $401.52 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 4.06 and a current ratio of 5.39. The company has a market cap of $11.89 billion, a PE ratio of -26.75 and a beta of 0.89. The business has a 50-day simple moving average of $385.48 and a two-hundred day simple moving average of $429.87. Bio-Rad Laboratories has a fifty-two week low of $344.63 and a fifty-two week high of $572.70.

Bio-Rad Laboratories (NYSE:BIO – Get Free Report) last released its earnings results on Thursday, August 3rd. The medical research company reported $3.00 EPS for the quarter, topping analysts’ consensus estimates of $2.55 by $0.45. Bio-Rad Laboratories had a positive return on equity of 4.02% and a negative net margin of 15.52%. The firm had revenue of $681.10 million during the quarter, compared to the consensus estimate of $697.96 million. During the same quarter in the previous year, the company posted $3.38 earnings per share. The company’s revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts expect that Bio-Rad Laboratories will post 13.81 EPS for the current fiscal year.

Insider Buying and Selling at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, CAO Ajit Ramalingam sold 198 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $368.30, for a total value of $72,923.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bio-Rad Laboratories news, CAO Ajit Ramalingam sold 198 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $368.30, for a total value of $72,923.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Crowley sold 500 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $379.39, for a total value of $189,695.00. Following the completion of the transaction, 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. 17.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Bio-Rad Laboratories

Institutional investors and hedge funds have recently made changes to their positions in the business. Heritage Wealth Management LLC increased its position in shares of Bio-Rad Laboratories by 100.0% in the fourth quarter. Heritage Wealth Management LLC now owns 66 shares of the medical research company’s stock valued at $28,000 after buying an additional 33 shares in the last quarter. Desjardins Global Asset Management Inc. purchased a new stake in shares of Bio-Rad Laboratories in the first quarter valued at approximately $35,000. WASHINGTON TRUST Co increased its position in shares of Bio-Rad Laboratories by 62.5% in the fourth quarter. WASHINGTON TRUST Co now owns 78 shares of the medical research company’s stock valued at $33,000 after buying an additional 30 shares in the last quarter. Raleigh Capital Management Inc. increased its position in shares of Bio-Rad Laboratories by 138.2% in the first quarter. Raleigh Capital Management Inc. now owns 81 shares of the medical research company’s stock valued at $39,000 after buying an additional 47 shares in the last quarter. Finally, CI Investments Inc. increased its position in shares of Bio-Rad Laboratories by 50.0% in the fourth quarter. CI Investments Inc. now owns 84 shares of the medical research company’s stock valued at $35,000 after buying an additional 28 shares in the last quarter. 64.11% of the stock is currently owned by hedge funds and other institutional investors.

About Bio-Rad Laboratories

(Get 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.

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