Pictet Asset Management SA Buys 4,614 Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO)

Posted by Defense World Staff on Aug 24th, 2023

Pictet Asset Management SA boosted its stake in Bio-Rad Laboratories, Inc. (NYSE:BIO – Free Report) by 52.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,454 shares of the medical research company’s stock after acquiring an additional 4,614 shares during the period. Pictet Asset Management SA’s holdings in Bio-Rad Laboratories were worth $6,445,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in BIO. Heritage Wealth Management LLC increased its stake 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 worth $28,000 after purchasing an additional 33 shares in the last quarter. WASHINGTON TRUST Co increased its stake 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 worth $33,000 after purchasing an additional 30 shares in the last quarter. CI Investments Inc. increased its stake 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 worth $35,000 after purchasing an additional 28 shares in the last quarter. Desjardins Global Asset Management Inc. purchased a new position in shares of Bio-Rad Laboratories in the first quarter worth about $35,000. Finally, Allworth Financial LP increased its stake in shares of 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 purchasing an additional 37 shares in the last quarter. Institutional investors own 64.11% of the company’s stock.

Insider Transactions at Bio-Rad Laboratories

In other news, CAO Ajit Ramalingam sold 198 shares of the stock in a transaction 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 document filed with the SEC, which is available at this hyperlink. In other news, EVP Timothy S. Ernst sold 300 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $384.69, for a total value of $115,407.00. Following the completion of the sale, the executive vice president now owns 2,416 shares of the company’s stock, valued at approximately $929,411.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ajit Ramalingam sold 198 shares of the company’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 disclosure for this sale can be found here. Insiders have sold 998 shares of company stock valued at $378,025 in the last quarter. Insiders own 17.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BIO. Royal Bank of Canada lifted their target price on shares of Bio-Rad Laboratories from $522.00 to $524.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Wells Fargo & Company decreased their target price on shares of Bio-Rad Laboratories from $550.00 to $525.00 and set an “overweight” rating on the stock in a report on Monday, August 7th. Credit Suisse Group decreased their target price on shares of Bio-Rad Laboratories from $580.00 to $550.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. Finally, StockNews.com started coverage on shares of Bio-Rad Laboratories in a report on Thursday, August 17th. They set a “buy” rating on the stock. Four investment analysts have rated the stock with a buy rating, According to MarketBeat, Bio-Rad Laboratories has a consensus rating of “Buy” and an average target price of $533.00.

Read Our Latest Research Report on Bio-Rad Laboratories

Bio-Rad Laboratories Stock Performance

Bio-Rad Laboratories stock opened at $385.96 on Thursday. The firm’s 50 day simple moving average is $390.10 and its 200 day simple moving average is $423.60. The company has a current ratio of 5.39, a quick ratio of 4.06 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $11.22 billion, a PE ratio of -25.71 and a beta of 0.89. Bio-Rad Laboratories, Inc. has a 1-year low of $344.63 and a 1-year high of $516.90.

Bio-Rad Laboratories (NYSE:BIO – Get Free Report) last issued its quarterly 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. The firm had revenue of $681.10 million for the quarter, compared to analyst estimates of $697.96 million. Bio-Rad Laboratories had a negative net margin of 15.52% and a positive return on equity of 4.02%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.38 EPS. As a group, analysts expect that Bio-Rad Laboratories, Inc. will post 12.94 earnings per share for the current fiscal 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.