Bio-Rad Laboratories, Inc. $BIO Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Bio-Rad Laboratories by 73.8%, selling 44,121 shares and retaining only 15,654 shares valued at approximately $3.8 million.
• Various institutional investors have increased their investments in Bio-Rad, with 65.24% of the stock now owned by hedge funds and other institutions.
• Bio-Rad's recent earnings report exceeded analysts' expectations, posting $2.61 EPS compared to the consensus estimate of $1.93, along with revenue of $651.6 million for the quarter.

Comerica Bank lessened its holdings in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 73.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,654 shares of the medical research company's stock after selling 44,121 shares during the period. Comerica Bank owned about 0.06% of Bio-Rad Laboratories worth $3,813,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of BIO. Principal Financial Group Inc. raised its stake in shares of Bio-Rad Laboratories by 0.5% during the first quarter. Principal Financial Group Inc. now owns 44,343 shares of the medical research company's stock valued at $10,800,000 after acquiring an additional 236 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Bio-Rad Laboratories by 14.6% in the first quarter. Crossmark Global Holdings Inc. now owns 966 shares of the medical research company's stock worth $235,000 after buying an additional 123 shares in the last quarter. New York State Teachers Retirement System raised its stake in Bio-Rad Laboratories by 1.2% in the first quarter. New York State Teachers Retirement System now owns 17,500 shares of the medical research company's stock worth $4,262,000 after buying an additional 200 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in Bio-Rad Laboratories by 4.6% in the first quarter. Asset Management One Co. Ltd. now owns 7,182 shares of the medical research company's stock worth $1,749,000 after buying an additional 315 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in Bio-Rad Laboratories by 12.5% in the first quarter. Cetera Investment Advisers now owns 1,932 shares of the medical research company's stock worth $471,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 65.24% of the company's stock.

Bio-Rad Laboratories Price Performance

Shares of NYSE:BIO traded up $5.24 during midday trading on Friday, reaching $294.67. 47,839 shares of the company's stock traded hands, compared to its average volume of 323,575. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.67 and a current ratio of 5.12. Bio-Rad Laboratories, Inc. has a 1 year low of $211.43 and a 1 year high of $387.99. The company has a market cap of $7.97 billion, a P/E ratio of 25.12 and a beta of 0.95. The company has a fifty day simple moving average of $267.77 and a two-hundred day simple moving average of $251.92.

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 (EPS) 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 during the quarter, compared to analyst estimates of $614.82 million. During the same period in the prior year, the business earned $3.11 earnings per share. The business's revenue was up 2.1% compared to the same quarter last year. Bio-Rad Laboratories has set its FY 2025 guidance at EPS. Equities analysts predict that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Wells Fargo & Company boosted their price objective 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, August 1st. Wall Street Zen downgraded shares of Bio-Rad Laboratories from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Zacks Research raised Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 26th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $333.50.

Bio-Rad Laboratories 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.