Bio-Rad Laboratories (NYSE:BIO) PT Raised to $590.00

Bio-Rad Laboratories (NYSE:BIO) had its price objective increased by equities research analysts at Wells Fargo & Co from $525.00 to $590.00 in a report issued on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Wells Fargo & Co‘s price target would suggest a potential upside of 12.40% from the company’s current price.

Separately, Citigroup upped their price objective on Bio-Rad Laboratories from $525.00 to $625.00 and gave the company a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Bio-Rad Laboratories has an average rating of “Buy” and a consensus target price of $511.25.

Shares of NYSE BIO opened at $524.89 on Friday. The firm’s 50-day moving average price is $474.38 and its 200-day moving average price is $419.24. Bio-Rad Laboratories has a 52-week low of $307.39 and a 52-week high of $540.06. The company has a market cap of $15.56 billion, a PE ratio of 8.14 and a beta of 1.08. The company has a quick ratio of 1.76, a current ratio of 2.40 and a debt-to-equity ratio of 0.03.

Bio-Rad Laboratories (NYSE:BIO) last issued its earnings results on Thursday, July 30th. The medical research company reported $1.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.22 by $0.39. Bio-Rad Laboratories had a net margin of 84.89% and a return on equity of 3.92%. The company had revenue of $536.88 million for the quarter, compared to analysts’ expectations of $526.80 million. As a group, equities research analysts anticipate that Bio-Rad Laboratories will post 7.2 EPS for the current fiscal year.

In related news, EVP Michael Crowley sold 1,500 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $485.40, for a total value of $728,100.00. Following the completion of the sale, the executive vice president now directly owns 2,310 shares of the company’s stock, valued at approximately $1,121,274. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Ronald W. Hutton sold 443 shares of Bio-Rad Laboratories stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $457.35, for a total transaction of $202,606.05. The disclosure for this sale can be found here. 27.50% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in BIO. Harbor Investment Advisory LLC purchased a new position in shares of Bio-Rad Laboratories during the 1st quarter valued at $32,000. Creative Financial Designs Inc. ADV bought a new stake in Bio-Rad Laboratories during the second quarter valued at about $39,000. CSat Investment Advisory L.P. lifted its position in shares of Bio-Rad Laboratories by 20.2% in the first quarter. CSat Investment Advisory L.P. now owns 137 shares of the medical research company’s stock valued at $48,000 after acquiring an additional 23 shares in the last quarter. Global Retirement Partners LLC boosted its stake in shares of Bio-Rad Laboratories by 26.4% in the first quarter. Global Retirement Partners LLC now owns 139 shares of the medical research company’s stock worth $49,000 after acquiring an additional 29 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its position in shares of Bio-Rad Laboratories by 183.6% during the first quarter. Steward Partners Investment Advisory LLC now owns 156 shares of the medical research company’s stock worth $54,000 after purchasing an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 62.89% of the company’s stock.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc develops, manufactures, and markets products and solutions for the life science research and clinical diagnostic markets in Europe, the Pacific Rim, the United States, and internationally. The company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components.

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