PNC Financial Services Group Inc. Has $816,000 Position in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Key Points

• PNC Financial Services Group Inc. sold 5,152 shares of Bio-Rad Laboratories, reducing its ownership by 60.6%, leaving them with 3,350 shares valued at $816,000.
• Various institutional investors, including Lecap Asset Management and State of Alaska Department of Revenue, have recently modified their positions in Bio-Rad Laboratories, contributing to 65.24% of the stock being owned by institutional investors.
• Bio-Rad reported earnings of $2.61 per share, surpassing estimates, and had revenue of $651.60 million for the last quarter, up 2.1% year-over-year.

PNC Financial Services Group Inc. cut its holdings in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 60.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,350 shares of the medical research company's stock after selling 5,152 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Bio-Rad Laboratories were worth $816,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. GeoWealth Management LLC lifted its holdings in shares of Bio-Rad Laboratories by 342.9% during the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company's stock worth $31,000 after buying an additional 72 shares during the last quarter. Curat Global LLC acquired a new position in shares of Bio-Rad Laboratories during the first quarter worth approximately $34,000. Allworth Financial LP lifted its holdings in shares of Bio-Rad Laboratories by 260.0% during the first quarter. Allworth Financial LP now owns 144 shares of the medical research company's stock worth $36,000 after buying an additional 104 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Bio-Rad Laboratories during the fourth quarter worth approximately $131,000. Finally, Skylands Capital LLC acquired a new position in shares of Bio-Rad Laboratories during the first quarter worth approximately $122,000. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BIO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Wells Fargo & Company lifted their price objective 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. UBS Group decreased their price objective on Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating on the stock in a 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 on the stock in a report on Friday, May 2nd. Finally, Royal Bank Of Canada lifted their price objective on Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, Bio-Rad Laboratories has a consensus rating of "Moderate Buy" and a consensus target price of $333.50.

Bio-Rad Laboratories Price Performance

Shares of BIO traded up $12.47 during mid-day trading on Wednesday, reaching $287.23. The company had a trading volume of 206,705 shares, compared to its average volume of 340,010. Bio-Rad Laboratories, Inc. has a twelve month low of $211.43 and a twelve month 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 company's 50-day moving average is $248.61 and its 200-day moving average is $256.63. The company has a market capitalization of $7.77 billion, a P/E ratio of 24.49 and a beta of 0.90.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last issued its earnings results on Thursday, July 31st. The medical research company reported $2.61 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $614.82 million. During the same period in the prior year, the firm posted $3.11 EPS. Bio-Rad Laboratories's quarterly revenue was up 2.1% compared to the same quarter last year. On average, equities analysts anticipate that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current 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.