Bio-Rad Laboratories (BIO) Stock Rating Upgraded by Zacks Investment Research
Bio-Rad Laboratories (NYSE:BIO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The brokerage presently has a $291.00 price target on the medical research company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 16.53% from the company’s previous close.
According to Zacks, “Bio-Rad Laboratories, Inc., together with its subsidiaries, engages in the manufacture and supply of products and systems for the life science research, healthcare, analytical chemistry, and other markets worldwide. The company’s products are used to separate complex chemical and biological materials, and to identify, analyze, and purify their components. It operates in two segments, Life Science and Clinical Diagnostics. The Life Science segment offers electrophoresis, image analysis, molecular detection, chromatography, gene transfer, sample preparation, and amplification products and services. The Clinical Diagnostics segment provides control, autoimmune, diabetes, and blood virus testing products. Bio-Rad is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. The company is headquartered in Hercules, California. “
A number of other research firms have also recently commented on BIO. Wells Fargo & Company reaffirmed an “outperform” rating and set a $290.00 target price (up previously from $250.00) on shares of Bio-Rad Laboratories in a research note on Wednesday, November 29th. TheStreet upgraded Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a report on Monday, November 13th. Finally, Deutsche Bank reiterated a “buy” rating and issued a $255.00 price target on shares of Bio-Rad Laboratories in a report on Monday, September 18th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $277.75.
Bio-Rad Laboratories (NYSE:BIO) opened at $249.72 on Wednesday. The company has a market capitalization of $7,491.65, a P/E ratio of 79.91, a PEG ratio of 3.76 and a beta of 0.97. Bio-Rad Laboratories has a 52 week low of $177.68 and a 52 week high of $273.87. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.77 and a current ratio of 4.06.
Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Thursday, November 2nd. The medical research company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.37. The firm had revenue of $535.00 million for the quarter, compared to analysts’ expectations of $507.99 million. Bio-Rad Laboratories had a return on equity of 3.44% and a net margin of 1.15%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. sell-side analysts forecast that Bio-Rad Laboratories will post 2.68 EPS for the current year.
Bio-Rad Laboratories announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 28th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, CFO Christine A. Tsingos sold 4,980 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $249.40, for a total value of $1,242,012.00. Following the completion of the sale, the chief financial officer now owns 7,283 shares in the company, valued at $1,816,380.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Crowley sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $258.39, for a total value of $258,390.00. Following the completion of the sale, the executive vice president now owns 2,492 shares of the company’s stock, valued at approximately $643,907.88. The disclosure for this sale can be found here. Insiders sold 9,126 shares of company stock valued at $2,309,426 in the last quarter. 28.29% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board purchased a new stake in Bio-Rad Laboratories during the second quarter worth $113,000. Pacad Investment Ltd. purchased a new stake in Bio-Rad Laboratories during the second quarter worth $113,000. First Manhattan Co. lifted its holdings in Bio-Rad Laboratories by 71.6% during the third quarter. First Manhattan Co. now owns 599 shares of the medical research company’s stock worth $133,000 after buying an additional 250 shares during the period. Turner Investments LLC purchased a new stake in Bio-Rad Laboratories during the second quarter worth $136,000. Finally, Meeder Asset Management Inc. lifted its holdings in Bio-Rad Laboratories by 3,333.3% during the third quarter. Meeder Asset Management Inc. now owns 618 shares of the medical research company’s stock worth $137,000 after buying an additional 600 shares during the period. Institutional investors own 63.91% of the company’s stock.
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About Bio-Rad Laboratories
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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