Bio-Rad Laboratories, Inc. (BIO) Receives Average Recommendation of “Buy” from Brokerages
Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $277.75.
A number of research analysts have issued reports on BIO shares. Zacks Investment Research upgraded Bio-Rad Laboratories from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. Wells Fargo & Co restated an “outperform” rating and set a $290.00 price target (up from $250.00) on shares of Bio-Rad Laboratories in a report 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 restated a “buy” rating and set a $255.00 price target on shares of Bio-Rad Laboratories in a report on Monday, September 18th.
Bio-Rad Laboratories (NYSE:BIO) opened at $250.47 on Thursday. Bio-Rad Laboratories has a 12-month low of $182.30 and a 12-month high of $273.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.06 and a quick ratio of 2.77. The stock has a market capitalization of $7,103.54, a PE ratio of 317.05, a price-to-earnings-growth ratio of 1.93 and a beta of 0.97.
Bio-Rad Laboratories announced that its board has authorized a stock buyback program on Tuesday, November 28th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the medical research company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, EVP Michael Crowley sold 1,000 shares of the business’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $258.39, for a total transaction of $258,390.00. Following the sale, the executive vice president now directly owns 2,492 shares in the company, valued at $643,907.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP James R. Stark sold 746 shares of the business’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $270.51, for a total value of $201,800.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,126 shares of company stock worth $2,309,426. Company insiders own 28.29% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new position in shares of Bio-Rad Laboratories in the third quarter worth approximately $125,820,000. FMR LLC lifted its stake in shares of Bio-Rad Laboratories by 237.4% in the second quarter. FMR LLC now owns 711,313 shares of the medical research company’s stock worth $160,978,000 after acquiring an additional 500,513 shares during the period. Royal Bank of Canada lifted its stake in shares of Bio-Rad Laboratories by 101.2% in the second quarter. Royal Bank of Canada now owns 3,324 shares of the medical research company’s stock worth $752,000 after acquiring an additional 281,264 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Bio-Rad Laboratories by 93.1% in the second quarter. Wells Fargo & Company MN now owns 523,876 shares of the medical research company’s stock worth $118,557,000 after acquiring an additional 252,643 shares during the period. Finally, Cramer Rosenthal Mcglynn LLC lifted its stake in shares of Bio-Rad Laboratories by 217.6% in the second quarter. Cramer Rosenthal Mcglynn LLC now owns 318,942 shares of the medical research company’s stock worth $72,180,000 after acquiring an additional 218,512 shares during the period. Institutional investors own 63.88% 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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