Bio-Rad Laboratories (BIO) Rating Increased to Strong-Buy at 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 released on Wednesday. The firm presently has a $291.00 price objective on the medical research company’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.86% from the company’s current price.
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. “
Several other analysts also recently commented on BIO. Wells Fargo & Company reaffirmed an “outperform” rating and set a $290.00 price objective (up from $250.00) on shares of Bio-Rad Laboratories in a research note on Wednesday, November 29th. Deutsche Bank reaffirmed a “buy” rating and set a $255.00 price objective on shares of Bio-Rad Laboratories in a research note on Monday, September 18th. Finally, TheStreet raised Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a research note on Monday, November 13th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Bio-Rad Laboratories has a consensus rating of “Buy” and a consensus price target of $277.75.
Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results on Thursday, November 2nd. The medical research company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.37. The firm had revenue of $535.00 million during 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 business’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. research analysts forecast that Bio-Rad Laboratories will post 2.68 EPS for the current year.
Bio-Rad Laboratories declared that its board has authorized a stock 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 purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other Bio-Rad Laboratories news, VP James R. Stark sold 746 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $270.51, for a total transaction of $201,800.46. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Crowley sold 1,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 2,492 shares in the company, valued at approximately $643,907.88. The disclosure for this sale can be found here. Insiders sold a total of 4,146 shares of company stock valued at $1,067,414 over the last ninety days. 28.29% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of BIO. Canada Pension Plan Investment Board acquired a new stake in shares of Bio-Rad Laboratories during the second quarter worth $113,000. Pacad Investment Ltd. purchased a new position in shares of Bio-Rad Laboratories in the 2nd quarter worth $113,000. First Manhattan Co. raised its position in shares of Bio-Rad Laboratories by 71.6% in the 3rd 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 position in shares of Bio-Rad Laboratories in the 2nd quarter worth $136,000. Finally, Meeder Asset Management Inc. raised its position in shares of Bio-Rad Laboratories by 3,333.3% in the 3rd 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 and hedge funds own 63.91% of the company’s stock.
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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