Veritas Asset Management LLP Cuts Position in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Veritas Asset Management LLP reduced its position in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 3.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,086,479 shares of the medical research company’s stock after selling 42,332 shares during the period. Bio-Rad Laboratories makes up approximately 2.7% of Veritas Asset Management LLP’s holdings, making the stock its 17th largest holding. Veritas Asset Management LLP owned approximately 3.81% of Bio-Rad Laboratories worth $363,514,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BIO. UMB Bank n.a. lifted its position in Bio-Rad Laboratories by 140.6% during 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. Capital Advisors Ltd. LLC lifted its holdings in shares of Bio-Rad Laboratories by 193.8% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 94 shares of the medical research company’s stock valued at $26,000 after acquiring an additional 62 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in Bio-Rad Laboratories during the 1st quarter worth $51,000. Headlands Technologies LLC acquired a new stake in Bio-Rad Laboratories in the 2nd quarter valued at $51,000. Finally, Quarry LP purchased a new position in Bio-Rad Laboratories in the second quarter valued at about $59,000. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Stock Up 2.9 %

Shares of BIO stock traded up $10.23 during mid-day trading on Friday, reaching $368.42. 284,333 shares of the company were exchanged, compared to its average volume of 249,020. 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 business’s 50 day simple moving average is $333.99 and its 200 day simple moving average is $308.47. The company has a market capitalization of $10.27 billion, a P/E ratio of -13.48 and a beta of 0.95. Bio-Rad Laboratories, Inc. has a fifty-two week low of $262.12 and a fifty-two week high of $372.27.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.85. The firm had revenue of $649.70 million for the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.66%. The firm’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.33 EPS. Research analysts predict that Bio-Rad Laboratories, Inc. will post 9.45 earnings per share for the current year.

Insider Buying and Selling

In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of the company’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 transaction of $989,820.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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 completion of the sale, the chief operating officer now directly owns 7,559 shares in the company, valued at approximately $2,494,016.46. The trade was 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 this hyperlink. Also, 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 sale, the executive vice president now directly owns 147 shares in the company, valued at approximately $48,582.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BIO. Wells Fargo & Company initiated coverage on Bio-Rad Laboratories in a report on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 price target for the company. StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada lifted their price target on shares of Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Citigroup upped their price objective on shares of Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $391.80.

Bio-Rad Laboratories 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.