Bio-Rad Laboratories’ (BIO) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Bio-Rad Laboratories (NYSE:BIO)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $481.00 target price on the medical research company’s stock. Royal Bank of Canada’s target price points to a potential upside of 38.77% from the company’s current price.

A number of other analysts have also weighed in on the company. Citigroup upped their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $394.20.

Bio-Rad Laboratories Trading Down 1.4 %

Shares of NYSE BIO traded down $5.09 during midday trading on Tuesday, hitting $346.61. The company’s stock had a trading volume of 34,044 shares, compared to its average volume of 116,914. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $338.84 and its two-hundred day moving average is $328.58. Bio-Rad Laboratories has a 12-month low of $262.12 and a 12-month high of $387.99. The firm has a market cap of $9.70 billion, a P/E ratio of -12.68 and a beta of 0.90.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings data on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.16 by $0.85. The company had revenue of $649.70 million for the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. Bio-Rad Laboratories’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.33 EPS. As a group, equities research analysts expect that Bio-Rad Laboratories will post 10.29 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC increased its position in shares of Bio-Rad Laboratories by 32,296.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 636,275 shares of the medical research company’s stock valued at $173,773,000 after acquiring an additional 634,311 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Bio-Rad Laboratories by 95.6% in the third quarter. Principal Financial Group Inc. now owns 44,341 shares of the medical research company’s stock valued at $14,836,000 after purchasing an additional 21,669 shares during the period. Mawer Investment Management Ltd. raised its stake in shares of Bio-Rad Laboratories by 63.0% in the third quarter. Mawer Investment Management Ltd. now owns 217,885 shares of the medical research company’s stock worth $72,900,000 after purchasing an additional 84,237 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Bio-Rad Laboratories by 193.3% during the third quarter. Verition Fund Management LLC now owns 3,470 shares of the medical research company’s stock worth $1,161,000 after purchasing an additional 2,287 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Bio-Rad Laboratories by 341.7% in the third quarter. Louisiana State Employees Retirement System now owns 5,300 shares of the medical research company’s stock valued at $1,773,000 after buying an additional 4,100 shares during the last quarter. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Company Profile

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.