Parnassus Investments LLC Has $77.48 Million Stock Position in Bio-Rad Laboratories, Inc. $BIO

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 increased its position in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 318,111 shares of the medical research company's stock after acquiring an additional 7,244 shares during the quarter. Parnassus Investments LLC owned about 1.14% of Bio-Rad Laboratories worth $77,479,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in shares of Bio-Rad Laboratories by 95.3% during the first quarter. Jane Street Group LLC now owns 37,383 shares of the medical research company's stock worth $9,105,000 after purchasing an additional 18,239 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in Bio-Rad Laboratories during the 1st quarter worth approximately $1,569,000. AlphaQuest LLC acquired a new stake in Bio-Rad Laboratories during the 1st quarter worth approximately $243,000. Quantbot Technologies LP bought a new stake in shares of Bio-Rad Laboratories during the first quarter worth $2,227,000. Finally, Wellington Management Group LLP raised its holdings in shares of Bio-Rad Laboratories by 191.2% during the first quarter. Wellington Management Group LLP now owns 2,359 shares of the medical research company's stock worth $575,000 after acquiring an additional 1,549 shares during the period. 65.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company boosted their price target on Bio-Rad Laboratories from $245.00 to $265.00 and gave the company an "equal weight" rating in a report 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. Royal Bank Of Canada lifted 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 report on Friday, August 1st. 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 equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Bio-Rad Laboratories presently has a consensus rating of "Moderate Buy" and an average target price of $333.50.

Bio-Rad Laboratories Price Performance

BIO stock traded down $6.64 during midday trading on Tuesday, reaching $291.24. 176,587 shares of the stock were exchanged, compared to its average volume of 326,283. The company has a fifty day moving average price of $264.85 and a 200 day moving average price of $251.29. Bio-Rad Laboratories, Inc. has a 52 week low of $211.43 and a 52 week high of $387.99. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.12 and a quick ratio of 3.67. The stock has a market capitalization of $7.88 billion, a PE ratio of 24.83 and a beta of 0.95.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last posted its earnings results on Thursday, July 31st. The medical research company reported $2.61 EPS for the quarter, topping the consensus estimate of $1.93 by $0.68. Bio-Rad Laboratories had a net margin of 12.50% and a return on equity of 4.01%. 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 company 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. As a group, analysts expect that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current fiscal year.

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.