Truist Financial Corp Cuts Stock Position in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Truist Financial Corp trimmed its position in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 21.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,635 shares of the medical research company’s stock after selling 3,184 shares during the quarter. Truist Financial Corp’s holdings in Bio-Rad Laboratories were worth $3,757,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Xponance Inc. boosted its stake in shares of Bio-Rad Laboratories by 4.3% in the third quarter. Xponance Inc. now owns 3,296 shares of the medical research company’s stock valued at $1,181,000 after purchasing an additional 135 shares during the period. Raymond James & Associates grew its stake in shares of Bio-Rad Laboratories by 2.3% in the third quarter. Raymond James & Associates now owns 34,732 shares of the medical research company’s stock worth $12,450,000 after acquiring an additional 767 shares in the last quarter. New York State Teachers Retirement System increased its position in shares of Bio-Rad Laboratories by 0.5% during the third quarter. New York State Teachers Retirement System now owns 15,952 shares of the medical research company’s stock worth $5,718,000 after acquiring an additional 84 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bio-Rad Laboratories by 1.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,127 shares of the medical research company’s stock valued at $4,705,000 after acquiring an additional 140 shares in the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in Bio-Rad Laboratories by 5.2% in the third quarter. IFM Investors Pty Ltd now owns 4,057 shares of the medical research company’s stock valued at $1,454,000 after purchasing an additional 200 shares during the period. 65.24% of the stock is owned by institutional investors and hedge funds.

Bio-Rad Laboratories Stock Performance

Shares of BIO opened at $281.97 on Tuesday. The company has a quick ratio of 4.34, a current ratio of 5.83 and a debt-to-equity ratio of 0.14. Bio-Rad Laboratories, Inc. has a 52-week low of $261.59 and a 52-week high of $431.79. The stock has a 50 day moving average price of $318.52 and a 200 day moving average price of $314.72. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of -13.12 and a beta of 0.94.

Bio-Rad Laboratories (NYSE:BIO) last posted its earnings results on Thursday, February 15th. The medical research company reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $2.93 by $0.17. Bio-Rad Laboratories had a negative net margin of 23.86% and a positive return on equity of 3.90%. The firm had revenue of $681.18 million for the quarter, compared to the consensus estimate of $685.00 million. During the same period last year, the firm posted $3.31 EPS. The company’s revenue was down 6.7% on a year-over-year basis. Research analysts predict that Bio-Rad Laboratories, Inc. will post 10.41 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Michael Crowley sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total transaction of $1,008,000.00. Following the transaction, the executive vice president now owns 6,942 shares in the company, valued at approximately $2,332,512. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 17.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BIO. UBS Group increased their price target on Bio-Rad Laboratories from $395.00 to $420.00 and gave the company a “buy” rating in a research report on Friday, February 16th. Royal Bank of Canada decreased their price target on shares of Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Finally, Citigroup lowered shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $400.00 to $365.00 in a report on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $468.00.

About Bio-Rad Laboratories

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.