Bio-Rad Laboratories (NYSE:BIO) Given New $409.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank Of Canada has raised its price target for Bio-Rad Laboratories from $387.00 to $409.00, indicating a potential upside of 43.56% from the stock's previous close.
• Other analysts have varied views; Citigroup has lowered its target to $350.00, while UBS Group cut its target to $310.00, with both maintaining a "buy" rating.
• Bio-Rad reported $2.61 earnings per share for the last quarter, exceeding estimates and showing a 2.1% year-over-year revenue increase to $651.60 million.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) had its target price upped by investment analysts at Royal Bank Of Canada from $387.00 to $409.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the medical research company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 43.56% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Citigroup lowered their target price on shares of Bio-Rad Laboratories from $400.00 to $350.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. UBS Group cut their price target on shares of Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wall Street Zen lowered shares of Bio-Rad Laboratories from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Finally, Wells Fargo & Company upped their target price on shares of Bio-Rad Laboratories from $245.00 to $265.00 and gave the stock an "equal weight" rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Bio-Rad Laboratories has an average rating of "Moderate Buy" and an average target price of $333.50.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO traded up $42.94 during mid-day trading on Friday, reaching $284.89. 450,908 shares of the company were exchanged, compared to its average volume of 333,331. Bio-Rad Laboratories has a 52 week low of $211.43 and a 52 week high of $387.99. The company's 50 day moving average price is $239.98 and its 200 day moving average price is $261.37. The stock has a market capitalization of $7.75 billion, a PE ratio of -3.74 and a beta of 0.95. The company has a quick ratio of 4.43, a current ratio of 5.99 and a debt-to-equity ratio of 0.18.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The medical research company reported $2.61 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.68. Bio-Rad Laboratories had a positive return on equity of 4.32% and a negative net margin of 85.16%. The company had revenue of $651.60 million for the quarter, compared to the consensus estimate of $614.82 million. During the same quarter in the prior year, the business posted $3.11 EPS. The firm's quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts forecast that Bio-Rad Laboratories will post 10.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of institutional investors have recently added to or reduced their stakes in the business. GeoWealth Management LLC boosted its holdings in shares of Bio-Rad Laboratories by 342.9% in the 4th quarter. GeoWealth Management LLC now owns 93 shares of the medical research company's stock valued at $31,000 after purchasing an additional 72 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Bio-Rad Laboratories by 3,633.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 112 shares of the medical research company's stock valued at $27,000 after buying an additional 109 shares during the period. Quarry LP bought a new stake in shares of Bio-Rad Laboratories during the 1st quarter valued at about $29,000. Curat Global LLC acquired a new stake in Bio-Rad Laboratories during the first quarter worth about $34,000. Finally, Allworth Financial LP boosted its position in Bio-Rad Laboratories by 260.0% during the 1st quarter. Allworth Financial LP now owns 144 shares of the medical research company's stock valued at $36,000 after purchasing an additional 104 shares during the period. Hedge funds and other institutional investors own 65.24% of the company's stock.

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.

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