Wells Fargo & Co Initiates Coverage on Bio-Rad Laboratories (NYSE:BIO)

Analysts at Wells Fargo & Co assumed coverage on shares of Bio-Rad Laboratories (NYSE:BIO) in a research note issued to investors on Tuesday, January 7th, MarketBeat reports. The brokerage set an “overweight” rating and a $430.00 price target on the medical research company’s stock. Wells Fargo & Co‘s target price indicates a potential upside of 13.90% from the company’s previous close.

Several other brokerages also recently weighed in on BIO. ValuEngine downgraded Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Citigroup began coverage on shares of Bio-Rad Laboratories in a research report on Monday, January 6th. They issued a “buy” rating and a $450.00 price target on the stock. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Bio-Rad Laboratories has an average rating of “Buy” and an average price target of $399.17.

Shares of NYSE BIO traded up $1.08 on Tuesday, hitting $377.51. The company’s stock had a trading volume of 689 shares, compared to its average volume of 169,488. The company has a market capitalization of $11.50 billion, a price-to-earnings ratio of 64.46, a price-to-earnings-growth ratio of 2.88 and a beta of 1.17. The stock has a 50 day moving average of $370.02 and a 200-day moving average of $342.89. Bio-Rad Laboratories has a 12-month low of $233.18 and a 12-month high of $391.22. The company has a debt-to-equity ratio of 0.12, a current ratio of 4.72 and a quick ratio of 3.36.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings results on Thursday, October 31st. The medical research company reported $1.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.36 by $0.25. Bio-Rad Laboratories had a return on equity of 4.30% and a net margin of 16.14%. The company had revenue of $560.60 million during the quarter, compared to analyst estimates of $561.40 million. During the same period in the prior year, the firm posted $0.91 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. Sell-side analysts expect that Bio-Rad Laboratories will post 7.2 EPS for the current fiscal year.

In other Bio-Rad Laboratories news, VP James R. Stark sold 848 shares of Bio-Rad Laboratories stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $351.45, for a total transaction of $298,029.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 27.84% of the company’s stock.

Several hedge funds have recently bought and sold shares of BIO. Artemis Investment Management LLP lifted its holdings in shares of Bio-Rad Laboratories by 21.8% during the 4th quarter. Artemis Investment Management LLP now owns 112,553 shares of the medical research company’s stock valued at $40,654,000 after buying an additional 20,151 shares during the last quarter. IFM Investors Pty Ltd acquired a new stake in shares of Bio-Rad Laboratories in the 4th quarter valued at $350,000. State of Alaska Department of Revenue lifted its stake in shares of Bio-Rad Laboratories by 15.0% in the 4th quarter. State of Alaska Department of Revenue now owns 4,767 shares of the medical research company’s stock valued at $1,763,000 after purchasing an additional 620 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its stake in shares of Bio-Rad Laboratories by 4.1% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 5,993 shares of the medical research company’s stock valued at $1,994,000 after purchasing an additional 238 shares during the last quarter. Finally, Man Group plc lifted its stake in shares of Bio-Rad Laboratories by 24.4% in the 3rd quarter. Man Group plc now owns 17,868 shares of the medical research company’s stock valued at $5,945,000 after purchasing an additional 3,499 shares during the last quarter. Institutional investors and hedge funds own 63.79% of the company’s stock.

Bio-Rad Laboratories Company Profile

Bio-Rad Laboratories, Inc develops, manufactures, and markets products and solutions for the life science research and clinical diagnostic markets in Europe, the Pacific Rim, the United States, and internationally. The company offers products and systems to separate complex chemical and biological materials, as well as to identify, analyze, and purify components.

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Analyst Recommendations for Bio-Rad Laboratories (NYSE:BIO)

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