Bio-Rad Laboratories, Inc. $BIO Shares Bought by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Bio-Rad stake by 22.9% in the first quarter to 21,932 shares worth approximately $6.1 million. Institutional investors and hedge funds collectively own 65.24% of the company.
• Bio-Rad reported quarterly adjusted earnings of $2.62 per share on $651 million in revenue, beating estimates of $1.75 and $624 million, respectively, although revenue was essentially flat year over year.
• Analyst sentiment remains mixed: RBC raised its target to $370 and kept an “outperform” rating, while Citigroup and Wells Fargo maintained neutral stances. The overall consensus rating is “Reduce,” with an average price target of $343.33, and the company is also planning job cuts and facility closures.

California State Teachers Retirement System raised its holdings in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 22.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 21,932 shares of the medical research company's stock after purchasing an additional 4,082 shares during the quarter. California State Teachers Retirement System owned 0.08% of Bio-Rad Laboratories worth $6,114,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. William B. Walkup & Associates Inc. raised its stake in shares of Bio-Rad Laboratories by 2.6% during the 1st quarter. William B. Walkup & Associates Inc. now owns 1,902 shares of the medical research company's stock valued at $530,000 after buying an additional 48 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Bio-Rad Laboratories by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 7,596 shares of the medical research company's stock valued at $2,117,000 after buying an additional 48 shares during the period. CWM LLC boosted its stake in shares of Bio-Rad Laboratories by 26.7% in the fourth quarter. CWM LLC now owns 256 shares of the medical research company's stock worth $78,000 after buying an additional 54 shares during the last quarter. Meeder Advisory Services Inc. boosted its stake in shares of Bio-Rad Laboratories by 9.0% in the fourth quarter. Meeder Advisory Services Inc. now owns 813 shares of the medical research company's stock worth $246,000 after buying an additional 67 shares during the last quarter. Finally, Itau Unibanco Holding S.A. grew its holdings in Bio-Rad Laboratories by 57.6% during the fourth quarter. Itau Unibanco Holding S.A. now owns 197 shares of the medical research company's stock worth $60,000 after acquiring an additional 72 shares during the period. 65.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on BIO shares. Citigroup lifted their price target on Bio-Rad Laboratories from $300.00 to $330.00 and gave the company a "neutral" rating in a research report on Wednesday. Zacks Research cut shares of Bio-Rad Laboratories from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Royal Bank Of Canada increased their price target on shares of Bio-Rad Laboratories from $320.00 to $370.00 and gave the stock an "outperform" rating in a report on Wednesday. Weiss Ratings restated a "sell (d)" rating on shares of Bio-Rad Laboratories in a research report on Monday. Finally, Wells Fargo & Company lifted their price objective 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. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Bio-Rad Laboratories currently has a consensus rating of "Reduce" and an average price target of $343.33.

Key Headlines Impacting Bio-Rad Laboratories

Here are the key news stories impacting Bio-Rad Laboratories this week:

• Positive Sentiment: Bio-Rad reported second-quarter adjusted earnings of $2.62 per share, exceeding the $1.75 consensus estimate, while revenue of $651 million also topped expectations of approximately $624 million. Earnings were essentially flat year over year, but the strong beat is supporting investor sentiment. Bio-Rad Laboratories Q2 earnings report
• Positive Sentiment: RBC raised its price target from $320 to $370 and maintained an “outperform” rating, implying further upside from the current trading level. The revision indicates confidence that Bio-Rad’s earnings performance and outlook can improve. RBC raises Bio-Rad price target
• Neutral Sentiment: Citigroup lifted its target from $300 to $330 but retained a “neutral” rating, while Wells Fargo raised its target from $310 to $330 and kept an “equal weight” rating. Both targets remain below the recent share price, suggesting limited near-term upside in those analysts’ views. Analysts raise Bio-Rad price targets
• Neutral Sentiment: Bio-Rad’s fiscal-year revenue guidance of $2.5 billion to $2.6 billion is broadly consistent with, but potentially below, the $2.6 billion analyst consensus. The lack of a clearly higher outlook may limit the positive impact of the quarterly earnings beat. Bio-Rad third-quarter outlook
• Negative Sentiment: The company plans to cut jobs and close facilities, signaling restructuring activity and pressure to improve efficiency. While these actions could reduce costs over time, they also highlight weaker operating conditions and may weigh on investor sentiment initially. Bio-Rad to cut jobs and close facilities

Bio-Rad Laboratories Price Performance

Bio-Rad Laboratories stock opened at $348.47 on Thursday. The company has a fifty day simple moving average of $301.88 and a 200-day simple moving average of $287.99. The firm has a market capitalization of $9.33 billion, a price-to-earnings ratio of 42.24 and a beta of 1.06. The company has a quick ratio of 2.37, a current ratio of 3.21 and a debt-to-equity ratio of 0.12. Bio-Rad Laboratories, Inc. has a 52-week low of $236.73 and a 52-week high of $352.63.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The medical research company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.87. The firm had revenue of $651.00 million for the quarter, compared to the consensus estimate of $623.99 million. Bio-Rad Laboratories had a net margin of 8.59% and a return on equity of 3.56%. The company's revenue for the quarter was down .1% on a year-over-year basis. During the same period last year, the firm posted $2.61 earnings per share. On average, equities analysts anticipate that Bio-Rad Laboratories, Inc. will post 9.14 EPS for the current fiscal year.

Bio-Rad Laboratories Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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