Bio-Rad Laboratories, Inc. $BIO Shares Bought by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC increased its stake in Bio-Rad Laboratories by 2.3% in Q1, holding 318,111 shares valued at $77,479,000.
• Bio-Rad's recent earnings report showed $2.61 EPS, surpassing estimates of $1.93, with revenues of $651.60 million during the quarter, reflecting a 2.1% year-over-year increase.
• Analysts have varied price targets for Bio-Rad stock, with Royal Bank of Canada raising its target to $409.00 and Wells Fargo adjusting it to $265.00, currently having a consensus target of $333.50.

Parnassus Investments LLC raised its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 2.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 318,111 shares of the medical research company's stock after buying an additional 7,244 shares during the period. Parnassus Investments LLC owned about 1.14% of Bio-Rad Laboratories worth $77,479,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Curat Global LLC purchased a new position in shares of Bio-Rad Laboratories in the 1st quarter valued at about $34,000. Allworth Financial LP increased its stake 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 valued at $36,000 after purchasing an additional 104 shares in the last quarter. Headlands Technologies LLC increased its stake 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 valued at $87,000 after purchasing an additional 139 shares in the last quarter. Skylands Capital LLC purchased a new position in shares of Bio-Rad Laboratories in the 1st quarter valued at about $122,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Bio-Rad Laboratories in the 1st quarter valued at about $206,000. Hedge funds and other institutional investors own 65.24% of the company's stock.

Bio-Rad Laboratories Trading Down 1.1%

BIO traded down $3.11 during trading hours on Wednesday, reaching $287.60. The company's stock had a trading volume of 94,579 shares, compared to its average volume of 325,344. Bio-Rad Laboratories, Inc. has a fifty-two week low of $211.43 and a fifty-two week high of $387.99. The stock has a market cap of $7.78 billion, a PE ratio of 24.52 and a beta of 0.95. The business's 50-day moving average is $265.91 and its 200-day moving average is $251.57. 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 (NYSE:BIO - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical research company reported $2.61 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 firm had revenue of $651.60 million for the quarter, compared to analysts' expectations of $614.82 million. During the same period in the prior year, the firm posted $3.11 earnings per share. The firm's quarterly revenue was up 2.1% on a year-over-year basis. Bio-Rad Laboratories has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BIO shares. Royal Bank Of Canada lifted their price target on Bio-Rad Laboratories from $387.00 to $409.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Wall Street Zen lowered Bio-Rad Laboratories from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Wells Fargo & Company boosted their price objective 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. Finally, Zacks Research upgraded Bio-Rad Laboratories from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.