Wedge Capital Management L L P NC Invests $28.74 Million in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Wedge Capital Management L L P NC purchased a new stake in Bio-Rad Laboratories, Inc. (NYSE:BIO) during the 4th quarter, Holdings Channel.com reports. The fund purchased 87,487 shares of the medical research company’s stock, valued at approximately $28,740,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. UMB Bank n.a. increased its position in shares of Bio-Rad Laboratories by 140.6% in the third quarter. UMB Bank n.a. now owns 77 shares of the medical research company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Gladius Capital Management LP purchased a new stake in Bio-Rad Laboratories during the 3rd quarter worth $32,000. Point72 Hong Kong Ltd acquired a new stake in Bio-Rad Laboratories in the 3rd quarter valued at $55,000. Quarry LP purchased a new position in Bio-Rad Laboratories in the second quarter valued at about $59,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Bio-Rad Laboratories during the second quarter worth about $82,000. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Price Performance

BIO stock opened at $342.95 on Friday. The stock’s 50 day moving average is $336.49 and its two-hundred day moving average is $329.82. Bio-Rad Laboratories, Inc. has a 52-week low of $262.12 and a 52-week high of $387.99. The company has a market capitalization of $9.60 billion, a PE ratio of -12.55 and a beta of 0.90. The company has a quick ratio of 4.52, a current ratio of 6.14 and a debt-to-equity ratio of 0.16.

Bio-Rad Laboratories (NYSE:BIO) last issued its quarterly earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.85. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%. The business had revenue of $649.70 million during the quarter, compared to analyst estimates of $628.18 million. During the same quarter in the previous year, the firm earned $2.33 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. Analysts predict that Bio-Rad Laboratories, Inc. will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BIO has been the subject of a number of recent research reports. Citigroup increased their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $481.00 price objective on shares of Bio-Rad Laboratories in a research note on Tuesday. Finally, StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Bio-Rad Laboratories presently has an average rating of “Moderate Buy” and an average target price of $394.20.

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. It operates through two segments, Life Science and Clinical Diagnostics. The company develops, manufactures, and markets instruments, systems, reagents, and consumables to separate, purify, characterize, and quantitate biological materials such as cells, proteins, and nucleic acids for proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.