Bio-Rad Laboratories, Inc. $BIO Position Lessened by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 1.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 126,856 shares of the medical research company’s stock after selling 2,498 shares during the quarter. Bank of New York Mellon Corp’s holdings in Bio-Rad Laboratories were worth $35,361,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. First Eagle Investment Management LLC increased its position in Bio-Rad Laboratories by 2.0% in the fourth quarter. First Eagle Investment Management LLC now owns 2,570,473 shares of the medical research company’s stock worth $778,828,000 after buying an additional 50,154 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Bio-Rad Laboratories by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,077,072 shares of the medical research company’s stock valued at $326,344,000 after acquiring an additional 14,134 shares during the period. Capital Research Global Investors boosted its holdings in shares of Bio-Rad Laboratories by 18.2% during the fourth quarter. Capital Research Global Investors now owns 494,472 shares of the medical research company’s stock valued at $149,820,000 after acquiring an additional 76,117 shares during the period. Bank of America Corp DE grew its position in shares of Bio-Rad Laboratories by 1.7% during the third quarter. Bank of America Corp DE now owns 459,887 shares of the medical research company’s stock worth $128,948,000 after acquiring an additional 7,754 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Bio-Rad Laboratories by 4,534.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 399,207 shares of the medical research company’s stock worth $120,956,000 after acquiring an additional 390,593 shares during the last quarter. 65.24% of the stock is currently owned by institutional investors.

Bio-Rad Laboratories Stock Performance

Shares of NYSE BIO opened at $313.78 on Monday. Bio-Rad Laboratories, Inc. has a 1 year low of $236.73 and a 1 year high of $343.12. The firm has a market cap of $8.40 billion, a P/E ratio of 51.69 and a beta of 1.08. The stock has a fifty day moving average price of $295.31 and a two-hundred day moving average price of $287.51. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.37 and a current ratio of 3.21.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Thursday, April 30th. The medical research company reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $1.97 by ($0.08). The firm had revenue of $592.10 million during the quarter, compared to the consensus estimate of $589.91 million. Bio-Rad Laboratories had a return on equity of 3.56% and a net margin of 6.52%.The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.54 EPS. Research analysts forecast that Bio-Rad Laboratories, Inc. will post 9.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Citigroup downgraded shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and cut their price objective for the company from $375.00 to $300.00 in a research report on Tuesday, April 7th. Wells Fargo & Company decreased their target price on shares of Bio-Rad Laboratories from $320.00 to $290.00 and set an “equal weight” rating for the company in a research report on Friday, May 1st. Zacks Research lowered shares of Bio-Rad Laboratories from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Weiss Ratings cut Bio-Rad Laboratories from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Finally, Royal Bank Of Canada assumed coverage on Bio-Rad Laboratories in a report on Friday, May 15th. They set an “outperform” rating and a $320.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $303.33.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc is a global provider of life science research and clinical diagnostic products. The company operates through two primary business segments: Life Science and Clinical Diagnostics. Within the Life Science segment, Bio-Rad offers instruments, reagents and consumables for protein analysis, cell biology, gene expression and other molecular biology applications. The Clinical Diagnostics segment supplies quality control products, blood-typing reagents and instruments, and molecular diagnostic assays used in blood screening, infectious disease testing and routine clinical laboratories.

Founded in 1952 by David and Alice Schwartz and headquartered in Hercules, California, Bio-Rad has grown its footprint across the Americas, Europe, Asia-Pacific and other regions.