Bio-Rad Laboratories (NYSE:BIO) Issues Quarterly Earnings Results, Beats Expectations By $0.73 EPS

Bio-Rad Laboratories (NYSE:BIO) released its earnings results on Wednesday. The medical research company reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.73, Briefing.com reports. Bio-Rad Laboratories had a positive return on equity of 3.77% and a negative net margin of 51.73%. The firm had revenue of $649.70 million during the quarter, compared to the consensus estimate of $628.18 million. During the same period in the prior year, the firm posted $2.33 earnings per share. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Trading Up 8.1 %

BIO stock traded up $26.69 during mid-day trading on Thursday, reaching $357.27. 217,258 shares of the stock traded hands, compared to its average volume of 247,953. Bio-Rad Laboratories has a 52-week low of $262.12 and a 52-week high of $364.24. The stock’s fifty day moving average is $331.96 and its 200-day moving average is $307.65. The company has a market cap of $9.96 billion, a P/E ratio of -7.61 and a beta of 0.95. The company has a current ratio of 6.28, a quick ratio of 4.63 and a debt-to-equity ratio of 0.18.

Analyst Ratings Changes

Several brokerages have recently weighed in on BIO. Royal Bank of Canada restated an “outperform” rating and issued a $401.00 price objective on shares of Bio-Rad Laboratories in a report on Friday, August 16th. Citigroup raised shares of Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and upped their price target for the company from $350.00 to $400.00 in a report on Tuesday, October 1st. StockNews.com cut shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Wells Fargo & Company began coverage on shares of Bio-Rad Laboratories in a report on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Bio-Rad Laboratories has an average rating of “Moderate Buy” and a consensus target price of $368.20.

Insider Transactions at Bio-Rad Laboratories

In related news, EVP James Barry sold 623 shares of the company’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 sale, the executive vice president now owns 147 shares in the company, valued at approximately $48,582.03. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Andrew J. Last sold 3,000 shares of the company’s stock in a transaction dated 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 in the company, valued at $2,494,016.46. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $205,895.27. Following the transaction, the executive vice president now directly owns 147 shares in the company, valued at $48,582.03. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.06% of the stock is currently owned by insiders.

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.