Zacks Research Brokers Increase Earnings Estimates for Bio-Rad Laboratories, Inc. (NYSE:BIO)
Bio-Rad Laboratories, Inc. (NYSE:BIO – Get Rating) – Stock analysts at Zacks Research lifted their Q2 2023 EPS estimates for Bio-Rad Laboratories in a note issued to investors on Tuesday, September 20th. Zacks Research analyst B. Das now forecasts that the medical research company will earn $3.98 per share for the quarter, up from their prior estimate of $3.97. The consensus estimate for Bio-Rad Laboratories’ current full-year earnings is $14.35 per share. Zacks Research also issued estimates for Bio-Rad Laboratories’ Q3 2023 earnings at $4.05 EPS and Q2 2024 earnings at $4.41 EPS.
Bio-Rad Laboratories (NYSE:BIO – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The medical research company reported $3.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.92. The business had revenue of $691.10 million for the quarter, compared to analysts’ expectations of $664.60 million. Bio-Rad Laboratories had a negative net margin of 67.66% and a positive return on equity of 3.82%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.54 earnings per share.
A number of other equities research analysts have also recently weighed in on BIO. Credit Suisse Group started coverage on shares of Bio-Rad Laboratories in a report on Wednesday, August 24th. They issued an “outperform” rating and a $715.00 price objective on the stock. Citigroup dropped their target price on shares of Bio-Rad Laboratories from $750.00 to $700.00 and set a “buy” rating on the stock in a research note on Friday, July 8th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $705.00.
Bio-Rad Laboratories Price Performance
Shares of BIO opened at $437.39 on Wednesday. The stock has a market cap of $12.99 billion, a PE ratio of -6.60 and a beta of 0.99. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.22 and a current ratio of 5.30. Bio-Rad Laboratories has a fifty-two week low of $433.79 and a fifty-two week high of $804.65. The firm’s 50-day simple moving average is $509.09 and its two-hundred day simple moving average is $522.00.
Insider Transactions at Bio-Rad Laboratories
In other news, CAO Ajit Ramalingam sold 518 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $537.00, for a total value of $278,166.00. Following the transaction, the chief accounting officer now owns 98 shares in the company, valued at $52,626. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 27.40% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Bio-Rad Laboratories by 1.3% during the first quarter. Vanguard Group Inc. now owns 2,317,941 shares of the medical research company’s stock valued at $1,305,534,000 after purchasing an additional 30,476 shares during the period. BlackRock Inc. lifted its position in Bio-Rad Laboratories by 0.8% during the fourth quarter. BlackRock Inc. now owns 1,768,081 shares of the medical research company’s stock valued at $1,335,907,000 after purchasing an additional 14,150 shares during the period. State Street Corp lifted its position in Bio-Rad Laboratories by 2.7% during the fourth quarter. State Street Corp now owns 1,008,534 shares of the medical research company’s stock valued at $762,018,000 after purchasing an additional 26,229 shares during the period. Veritas Asset Management LLP bought a new position in Bio-Rad Laboratories during the second quarter valued at approximately $379,547,000. Finally, Brown Advisory Inc. lifted its position in Bio-Rad Laboratories by 8.2% during the second quarter. Brown Advisory Inc. now owns 629,845 shares of the medical research company’s stock valued at $314,245,000 after purchasing an additional 47,921 shares during the period. Institutional investors own 64.33% 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. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets a range of reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes.
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