Bank of New York Mellon Corp reduced its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO – Free Report) by 3.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 161,524 shares of the medical research company’s stock after selling 5,039 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.55% of Bio-Rad Laboratories worth $77,373,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in BIO. Heritage Wealth Management LLC lifted its stake in 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 worth $28,000 after acquiring an additional 33 shares during the period. WASHINGTON TRUST Co lifted its stake in Bio-Rad Laboratories by 62.5% in the fourth quarter. WASHINGTON TRUST Co now owns 78 shares of the medical research company’s stock worth $33,000 after acquiring an additional 30 shares during the period. CI Investments Inc. lifted its stake in Bio-Rad Laboratories by 50.0% in the fourth quarter. CI Investments Inc. now owns 84 shares of the medical research company’s stock worth $35,000 after acquiring an additional 28 shares during the period. Desjardins Global Asset Management Inc. purchased a new stake in Bio-Rad Laboratories in the first quarter worth about $35,000. Finally, Allworth Financial LP lifted its stake in Bio-Rad Laboratories by 66.1% in the first quarter. Allworth Financial LP now owns 93 shares of the medical research company’s stock worth $45,000 after acquiring an additional 37 shares during the period. 64.11% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, EVP Michael Crowley sold 500 shares of the company’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $379.39, for a total transaction of $189,695.00. Following the transaction, the executive vice president now owns 6,040 shares in the company, valued at $2,291,515.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Ajit Ramalingam sold 198 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were 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 SEC, which is available at the SEC website. Also, EVP Michael Crowley sold 500 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $379.39, for a total transaction of $189,695.00. Following the completion of the transaction, the executive vice president now owns 6,040 shares in the company, valued at approximately $2,291,515.60. The disclosure for this sale can be found here. Corporate insiders own 17.06% of the company’s stock.
Bio-Rad Laboratories Stock Performance
Bio-Rad Laboratories (NYSE:BIO – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The medical research company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.55 by $0.45. Bio-Rad Laboratories had a negative net margin of 15.52% and a positive return on equity of 4.02%. The firm had revenue of $681.10 million for the quarter, compared to the consensus estimate of $697.96 million. During the same quarter in the prior year, the company posted $3.38 earnings per share. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts forecast that Bio-Rad Laboratories, Inc. will post 13.36 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on BIO. Wells Fargo & Company lowered their price objective on shares of Bio-Rad Laboratories from $550.00 to $525.00 and set an “overweight” rating for the company in a research note on Monday, August 7th. Credit Suisse Group decreased their price target on shares of Bio-Rad Laboratories from $580.00 to $550.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. StockNews.com initiated coverage on shares of Bio-Rad Laboratories in a research report on Thursday. They set a “buy” rating for the company. Finally, Royal Bank of Canada increased their price target on shares of Bio-Rad Laboratories from $522.00 to $524.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Bio-Rad Laboratories presently has a consensus rating of “Buy” and a consensus price target of $533.00.
Read Our Latest Stock Analysis on BIO
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. 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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