Bio-Rad Laboratories (NYSE:BIO) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Bio-Rad Laboratories to “Hold” from “Strong Sell.” The broader analyst consensus is also “Hold,” with an average price target of $343.33.
• Bio-Rad reported quarterly EPS of $2.62, beating estimates of $1.75, while revenue of $651 million exceeded forecasts of $623.99 million; revenue was essentially flat year over year.
• The stock opened at $361.57, near its 52-week high of $362.42, and institutional investors hold approximately 65.24% of shares.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

BIO has been the topic of a number of other research reports. Weiss Ratings restated a "sell (d)" rating on shares of Bio-Rad Laboratories in a research report on Monday, August 3rd. Wells Fargo & Company upped their price target on shares of Bio-Rad Laboratories from $310.00 to $330.00 and gave the company an "equal weight" rating in a report on Wednesday, August 5th. Citigroup increased their price objective on Bio-Rad Laboratories from $300.00 to $330.00 and gave the stock a "hold" rating in a report on Wednesday, August 5th. Finally, Royal Bank Of Canada boosted their price target on shares of Bio-Rad Laboratories from $320.00 to $370.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $343.33.

Bio-Rad Laboratories Stock Performance

NYSE BIO opened at $361.57 on Tuesday. The stock has a market capitalization of $9.68 billion, a PE ratio of 43.83 and a beta of 1.06. Bio-Rad Laboratories has a 1 year low of $236.73 and a 1 year high of $362.42. The company's 50 day simple moving average is $306.29 and its two-hundred day simple moving average is $289.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.14 and a quick ratio of 2.33.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The medical research company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.87. Bio-Rad Laboratories had a return on equity of 3.54% and a net margin of 8.59%.The company had revenue of $651.00 million during the quarter, compared to analyst estimates of $623.99 million. During the same quarter last year, the company earned $2.61 earnings per share. The firm's quarterly revenue was down .1% on a year-over-year basis. Analysts predict that Bio-Rad Laboratories will post 9.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

A number of hedge funds have recently bought and sold shares of BIO. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Bio-Rad Laboratories by 2,271.3% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 397,171 shares of the medical research company's stock valued at $111,363,000 after acquiring an additional 380,422 shares during the last quarter. Boston Partners bought a new stake in Bio-Rad Laboratories during the 4th quarter worth approximately $75,037,000. Assenagon Asset Management S.A. lifted its stake in shares of Bio-Rad Laboratories by 6,586.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 147,834 shares of the medical research company's stock valued at $41,209,000 after buying an additional 145,623 shares in the last quarter. Norges Bank purchased a new position in shares of Bio-Rad Laboratories in the fourth quarter valued at about $34,600,000. Finally, Freestone Grove Partners LP bought a new position in Bio-Rad Laboratories in the 4th quarter worth approximately $33,488,000. Hedge funds and other institutional investors own 65.24% of the company's stock.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.

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