Bio-Rad Laboratories, Inc. (NYSE:BIO) Shares Sold by PNC Financial Services Group Inc.

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. reduced its position in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 60.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in BIO. Bank of America Corp DE increased its holdings in Bio-Rad Laboratories by 705.9% in the 4th quarter. Bank of America Corp DE now owns 427,292 shares of the medical research company's stock valued at $140,370,000 after purchasing an additional 374,269 shares in the last quarter. First Pacific Advisors LP increased its holdings in Bio-Rad Laboratories by 136.0% in the 1st quarter. First Pacific Advisors LP now owns 372,555 shares of the medical research company's stock valued at $90,739,000 after purchasing an additional 214,705 shares in the last quarter. Ariel Investments LLC increased its holdings in Bio-Rad Laboratories by 48.0% in the 4th quarter. Ariel Investments LLC now owns 560,524 shares of the medical research company's stock valued at $184,138,000 after purchasing an additional 181,829 shares in the last quarter. GAMMA Investing LLC increased its holdings in Bio-Rad Laboratories by 22,131.7% in the 1st quarter. GAMMA Investing LLC now owns 147,841 shares of the medical research company's stock valued at $36,008,000 after purchasing an additional 147,176 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Bio-Rad Laboratories by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 746,119 shares of the medical research company's stock valued at $245,106,000 after purchasing an additional 91,690 shares in the last quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BIO has been the subject of several recent research reports. Wells Fargo & Company increased 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. UBS Group dropped their target price on Bio-Rad Laboratories from $355.00 to $310.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Royal Bank Of Canada lifted their target price on Bio-Rad Laboratories from $387.00 to $409.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Wall Street Zen raised Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Citigroup dropped their target price on Bio-Rad Laboratories from $400.00 to $350.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $333.50.

Bio-Rad Laboratories Stock Down 0.5%

Shares of NYSE BIO traded down $1.50 during midday trading on Friday, reaching $285.71. 157,844 shares of the company's stock were exchanged, compared to its average volume of 337,821. The stock has a market capitalization of $7.73 billion, a PE ratio of 24.36 and a beta of 0.90. Bio-Rad Laboratories, Inc. has a 52-week low of $211.43 and a 52-week high of $387.99. The business's fifty day moving average price is $251.27 and its two-hundred day moving average price is $254.88. 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 (NYSE:BIO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The medical research company reported $2.61 EPS for the quarter, topping analysts' consensus estimates of $1.93 by $0.68. The business had revenue of $651.60 million during the quarter, compared to the consensus estimate of $614.82 million. Bio-Rad Laboratories had a return on equity of 4.01% and a net margin of 12.50%. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $3.11 earnings per share. Analysts forecast that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current year.

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.