The Manufacturers Life Insurance Company Has $27.80 Million Stock Holdings in Bio-Rad Laboratories, Inc. $BIO

Key Points

• The Manufacturers Life Insurance Company reduced its Bio-Rad Laboratories stake by 18.6% in the first quarter, selling 22,854 shares and retaining 99,720 shares valued at approximately $27.8 million.
• Bio-Rad’s quarterly EPS of $1.89 missed analyst expectations of $1.97, although revenue rose 1.1% year over year to $592.1 million.
• Analyst sentiment is cautious, with a consensus “Reduce” rating and an average price target of $303.33, below the stock’s reported price of $325.48.

The Manufacturers Life Insurance Company decreased its holdings in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by 18.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,720 shares of the medical research company's stock after selling 22,854 shares during the quarter. The Manufacturers Life Insurance Company owned 0.37% of Bio-Rad Laboratories worth $27,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Massachusetts Financial Services Co. MA lifted its stake in Bio-Rad Laboratories by 4,534.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 399,207 shares of the medical research company's stock worth $120,956,000 after acquiring an additional 390,593 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Bio-Rad Laboratories by 2,271.3% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 397,171 shares of the medical research company's stock valued at $111,363,000 after acquiring an additional 380,422 shares in the last quarter. Boston Partners acquired a new position in shares of Bio-Rad Laboratories in the 4th quarter valued at about $75,037,000. Assenagon Asset Management S.A. increased its holdings in shares of Bio-Rad Laboratories by 6,586.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 147,834 shares of the medical research company's stock valued at $41,209,000 after purchasing an additional 145,623 shares during the period. Finally, Norges Bank purchased a new stake in shares of Bio-Rad Laboratories in the fourth quarter worth approximately $34,600,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Stock Down 0.4%

BIO opened at $325.48 on Friday. Bio-Rad Laboratories, Inc. has a fifty-two week low of $236.73 and a fifty-two week high of $343.12. The business has a 50-day moving average of $299.36 and a 200-day moving average of $287.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.21 and a quick ratio of 2.37. The company has a market capitalization of $8.71 billion, a PE ratio of 53.62 and a beta of 1.08.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The medical research company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.97 by ($0.08). Bio-Rad Laboratories had a net margin of 6.52% and a return on equity of 3.56%. The firm had revenue of $592.10 million for the quarter, compared to analyst estimates of $589.91 million. During the same quarter in the prior year, the firm earned $2.54 earnings per share. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. Equities research analysts forecast that Bio-Rad Laboratories, Inc. will post 9.14 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on BIO. Wells Fargo & Company decreased their price target on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an "equal weight" rating for the company in a report on Friday, May 1st. Royal Bank Of Canada started coverage on shares of Bio-Rad Laboratories in a research note on Friday, May 15th. They issued an "outperform" rating and a $320.00 price objective on the stock. Zacks Research downgraded shares of Bio-Rad Laboratories from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Citigroup lowered shares of Bio-Rad Laboratories from a "buy" rating to a "neutral" rating and decreased their target price for the company from $375.00 to $300.00 in a research note on Tuesday, April 7th. Finally, Weiss Ratings cut shares of Bio-Rad Laboratories from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $303.33.

Bio-Rad Laboratories Profile

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.

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