Bio-Rad Laboratories (NYSE:BIO) Price Target Raised to $450.00 at Citigroup

Bio-Rad Laboratories (NYSE:BIO) had its price objective boosted by research analysts at Citigroup from $400.00 to $450.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the medical research company’s stock. Citigroup’s target price would suggest a potential upside of 25.63% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price for the company. StockNews.com cut Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada boosted their target price on Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $391.80.

Bio-Rad Laboratories Stock Up 8.4 %

Shares of BIO traded up $27.61 during midday trading on Thursday, hitting $358.19. The company had a trading volume of 403,055 shares, compared to its average volume of 248,833. The company’s 50-day simple moving average is $331.96 and its 200-day simple moving average is $307.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 4.63 and a current ratio of 6.28. The firm has a market capitalization of $9.98 billion, a P/E ratio of -7.62 and a beta of 0.95. Bio-Rad Laboratories has a 1 year low of $262.12 and a 1 year high of $364.24.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.73. The business had revenue of $649.70 million during the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.77% and a negative net margin of 51.73%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.33 EPS. As a group, sell-side analysts expect that Bio-Rad Laboratories will post 9.45 EPS for the current year.

Insiders Place Their Bets

In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of Bio-Rad Laboratories stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $329.94, for a total transaction of $989,820.00. Following the transaction, the chief operating officer now owns 7,559 shares of the company’s stock, valued at $2,494,016.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $329.94, for a total value of $989,820.00. Following the transaction, the chief operating officer now owns 7,559 shares of the company’s stock, valued at approximately $2,494,016.46. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP James Barry sold 623 shares of the business’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 completion of the transaction, the executive vice president now directly owns 147 shares in the company, valued at approximately $48,582.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capital Advisors Ltd. LLC increased its holdings in shares of Bio-Rad Laboratories by 193.8% in the second quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock valued at $26,000 after purchasing an additional 62 shares during the period. UMB Bank n.a. boosted its stake in shares of Bio-Rad Laboratories by 140.6% in the third quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of Bio-Rad Laboratories in the first quarter valued at approximately $51,000. Headlands Technologies LLC purchased a new stake in shares of Bio-Rad Laboratories in the second quarter valued at approximately $51,000. Finally, Quarry LP purchased a new stake in shares of Bio-Rad Laboratories in the second quarter valued at approximately $59,000. Institutional investors and hedge funds 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.