Citigroup Inc. Buys 13,635 Shares of Bio-Rad Laboratories, Inc. $BIO

Key Points

• Citigroup Inc. increased its stake in Bio-Rad Laboratories by 64.9% during the first quarter, owning a total of 34,629 shares valued at approximately $8.43 million.
• Bio-Rad Laboratories reported earnings of $2.61 per share for the last quarter, significantly exceeding analysts' expectations of $1.93, with revenues totaling $651.60 million.
• As of now, Bio-Rad Laboratories has a consensus rating of "Moderate Buy" with a consensus price target of $333.50 from multiple analysts.

Citigroup Inc. lifted its stake in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 64.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 34,629 shares of the medical research company's stock after purchasing an additional 13,635 shares during the quarter. Citigroup Inc. owned 0.12% of Bio-Rad Laboratories worth $8,434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BIO. Raymond James Financial Inc. acquired a new stake in Bio-Rad Laboratories during the 4th quarter worth about $5,119,000. Sterling Capital Management LLC boosted its position in Bio-Rad Laboratories by 55.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,144 shares of the medical research company's stock worth $376,000 after acquiring an additional 408 shares during the period. XTX Topco Ltd acquired a new stake in Bio-Rad Laboratories during the 4th quarter worth about $640,000. United Capital Financial Advisors LLC acquired a new stake in Bio-Rad Laboratories during the 4th quarter worth about $201,000. Finally, Marshall Wace LLP acquired a new stake in Bio-Rad Laboratories during the 4th quarter worth about $749,000. Institutional investors and hedge funds own 65.24% of the company's stock.

Bio-Rad Laboratories Stock Performance

Shares of BIO stock traded down $3.43 during trading on Thursday, reaching $284.73. The company had a trading volume of 158,530 shares, compared to its average volume of 301,359. The firm's 50 day simple moving average is $255.76 and its two-hundred day simple moving average is $253.61. 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, Inc. has a one year low of $211.43 and a one year high of $387.99. The company has a market capitalization of $7.70 billion, a PE ratio of 24.27 and a beta of 0.90.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The medical research company reported $2.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.93 by $0.68. Bio-Rad Laboratories had a return on equity of 4.01% and a net margin of 12.50%.The business had revenue of $651.60 million for the quarter, compared to the consensus estimate of $614.82 million. During the same period last year, the business earned $3.11 EPS. The firm's revenue was up 2.1% compared to the same quarter last year. Bio-Rad Laboratories has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current year.

Wall Street Analyst Weigh In

BIO has been the subject of a number of research reports. UBS Group decreased their price objective on Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Citigroup decreased their price objective on Bio-Rad Laboratories from $400.00 to $350.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Royal Bank Of Canada raised their price target on Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Wells Fargo & Company raised their price target on Bio-Rad Laboratories from $245.00 to $265.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $333.50.

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.