Millennium Management LLC Sells 41,025 Shares of Bio-Rad Laboratories, Inc. $BIO

Key Points

• Millennium Management LLC sold 41,025 shares of Bio-Rad Laboratories, reducing its holdings by 10.9%, now owning 336,052 shares valued at approximately $81.8 million.
• Bio-Rad Laboratories reported earnings of $2.61 per share, exceeding estimates by $0.68, with revenue reaching $651.6 million for the quarter, up 2.1% year-over-year.
• The stock has seen a price increase, currently trading at $295.27, with an average target price of $333.50 and a consensus rating of "Moderate Buy" among analysts.

Millennium Management LLC trimmed its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 336,052 shares of the medical research company's stock after selling 41,025 shares during the quarter. Millennium Management LLC owned 1.20% of Bio-Rad Laboratories worth $81,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Quarry LP acquired a new position in shares of Bio-Rad Laboratories in the 1st quarter worth approximately $29,000. Curat Global LLC acquired a new position in shares of Bio-Rad Laboratories in the 1st quarter worth approximately $34,000. Allworth Financial LP boosted its holdings in shares of Bio-Rad Laboratories by 260.0% in the 1st quarter. Allworth Financial LP now owns 144 shares of the medical research company's stock worth $36,000 after acquiring an additional 104 shares in the last quarter. Headlands Technologies LLC boosted its holdings in shares of Bio-Rad Laboratories by 64.1% in the 1st quarter. Headlands Technologies LLC now owns 356 shares of the medical research company's stock worth $87,000 after acquiring an additional 139 shares in the last quarter. Finally, Twin Tree Management LP acquired a new position in shares of Bio-Rad Laboratories in the 1st quarter worth approximately $87,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BIO has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on Bio-Rad Laboratories from $245.00 to $265.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Zacks Research raised Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 26th. Wall Street Zen downgraded Bio-Rad Laboratories from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Royal Bank Of Canada boosted their target price on Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories currently has a consensus rating of "Moderate Buy" and a consensus target price of $333.50.

Bio-Rad Laboratories Trading Up 3.0%

NYSE:BIO traded up $8.37 during trading hours on Thursday, hitting $285.28. 125,021 shares of the stock were exchanged, compared to its average volume of 321,733. The company's 50 day moving average is $271.06 and its two-hundred day moving average is $252.02. Bio-Rad Laboratories, Inc. has a twelve month low of $211.43 and a twelve month high of $387.99. The company has a quick ratio of 3.67, a current ratio of 5.12 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $7.72 billion, a P/E ratio of 24.32 and a beta of 0.95.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical research company reported $2.61 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $651.60 million for the quarter, compared to the consensus estimate of $614.82 million. During the same quarter in the prior year, the business earned $3.11 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. Bio-Rad Laboratories has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current fiscal year.

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.