Bio-Rad Laboratories (NYSE:BIO) Stock Rating Upgraded by Wall Street Zen

Key Points

• Bio-Rad Laboratories has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating positive market sentiment towards the stock.
• Recent analyst reports show varying price targets with UBS reducing their target from $355 to $310, while RBC increased theirs from $387 to $409, reflecting mixed expectations for the company's performance.
• Bio-Rad's stock has increased by 17.6% recently, and it reported earnings of $2.61 per share, surpassing analysts' expectations of $1.93 during the last quarter.

Wall Street Zen upgraded shares of Bio-Rad Laboratories (NYSE:BIO - Free Report) from a hold rating to a buy rating in a research report released on Saturday.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company increased 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 report on Friday. UBS Group dropped their price target on Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Citigroup dropped their target price on Bio-Rad Laboratories from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Royal Bank Of Canada raised their price target on Bio-Rad Laboratories from $387.00 to $409.00 and gave the company an "outperform" rating in a report on Friday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Bio-Rad Laboratories currently has an average rating of "Moderate Buy" and an average price target of $333.50.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO traded down $1.22 during trading on Friday, hitting $275.58. 138,628 shares of the company were exchanged, compared to its average volume of 338,196. The company has a market cap of $7.50 billion, a price-to-earnings ratio of 23.49 and a beta of 0.90. Bio-Rad Laboratories has a 1 year low of $211.43 and a 1 year high of $387.99. The firm's fifty day moving average price is $242.22 and its 200 day moving average price is $259.34. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.12 and a quick ratio of 3.67.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical research company reported $2.61 EPS for the quarter, topping the consensus estimate of $1.93 by $0.68. Bio-Rad Laboratories had a net margin of 12.50% and a return on equity of 4.01%. The business had revenue of $651.60 million for the quarter, compared to analyst estimates of $614.82 million. During the same period in the previous year, the firm earned $3.11 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts expect that Bio-Rad Laboratories will post 10.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd increased its position in 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 worth $27,000 after buying an additional 109 shares during the period. Quarry LP acquired a new stake in Bio-Rad Laboratories in the 1st quarter valued at $29,000. GeoWealth Management LLC boosted its stake in 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 buying an additional 72 shares in the last quarter. Curat Global LLC acquired a new position in Bio-Rad Laboratories in the first quarter worth $34,000. Finally, Allworth Financial LP raised its position in shares of Bio-Rad Laboratories by 260.0% during the first quarter. Allworth Financial LP now owns 144 shares of the medical research company's stock worth $36,000 after acquiring an additional 104 shares during the last quarter. Institutional investors and hedge funds own 65.24% of the company's stock.

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.