Bio-Rad Laboratories (NYSE:BIO) Receives Outperform Rating from Royal Bank of Canada

Bio-Rad Laboratories (NYSE:BIO)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a research report issued on Tuesday,Benzinga reports. They presently have a $481.00 price objective on the medical research company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 38.77% from the stock’s current price.

A number of other brokerages have also issued reports on BIO. StockNews.com upgraded Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Citigroup lifted their target price on shares of Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Bio-Rad Laboratories has a consensus rating of “Moderate Buy” and an average price target of $394.20.

Bio-Rad Laboratories Stock Performance

Bio-Rad Laboratories stock traded down $5.09 during mid-day trading on Tuesday, hitting $346.61. The company had a trading volume of 34,044 shares, compared to its average volume of 116,914. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $9.70 billion, a price-to-earnings ratio of -12.68 and a beta of 0.90. The company’s fifty day moving average is $338.84 and its 200-day moving average is $328.58. Bio-Rad Laboratories has a 12-month low of $262.12 and a 12-month high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.85. The business had revenue of $649.70 million for the quarter, compared to analyst estimates of $628.18 million. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.33 EPS. Equities research analysts predict that Bio-Rad Laboratories will post 10.29 EPS for the current year.

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. increased its holdings in shares of Bio-Rad Laboratories by 140.6% in the third quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Gladius Capital Management LP acquired a new stake in shares of Bio-Rad Laboratories in the 3rd quarter worth $32,000. Headlands Technologies LLC purchased a new position in shares of Bio-Rad Laboratories during the 2nd quarter worth $51,000. Point72 Hong Kong Ltd acquired a new position in shares of Bio-Rad Laboratories during the 3rd quarter valued at about $55,000. Finally, Quarry LP acquired a new position in shares of Bio-Rad Laboratories during the 2nd quarter valued at about $59,000. Institutional investors and hedge funds own 65.24% of the company’s stock.

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.