Wells Fargo & Company Has Lowered Expectations for Bio-Rad Laboratories (NYSE:BIO) Stock Price

Bio-Rad Laboratories (NYSE:BIO) had its price target reduced by stock analysts at Wells Fargo & Company from $320.00 to $290.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the medical research company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 16.07% from the company’s current price.

A number of other equities analysts have also recently commented on BIO. Wall Street Zen cut Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Citigroup cut Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and lowered their target price for the company from $375.00 to $300.00 in a report on Tuesday, April 7th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $327.25.

Bio-Rad Laboratories Trading Down 10.8%

Bio-Rad Laboratories stock traded down $30.26 during midday trading on Friday, reaching $249.86. 158,506 shares of the stock traded hands, compared to its average volume of 284,232. The company has a 50-day simple moving average of $277.81 and a two-hundred day simple moving average of $298.20. Bio-Rad Laboratories has a 12-month low of $211.43 and a 12-month high of $343.12. The firm has a market cap of $6.74 billion, a PE ratio of 9.01 and a beta of 1.16. The company has a current ratio of 5.62, a quick ratio of 4.19 and a debt-to-equity ratio of 0.16.

Bio-Rad Laboratories (NYSE:BIO) last announced its earnings results 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). Bio-Rad Laboratories had a net margin of 29.42% and a return on equity of 3.86%. The firm had revenue of $592.10 million for the quarter, compared to analysts’ expectations of $589.91 million. During the same quarter last year, the business earned $2.54 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. Research analysts expect that Bio-Rad Laboratories will post 10.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Rad Laboratories

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of Bio-Rad Laboratories by 3.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 134,767 shares of the medical research company’s stock valued at $40,154,000 after buying an additional 4,262 shares during the period. Sector Gamma AS boosted its stake in shares of Bio-Rad Laboratories by 28.0% in the 3rd quarter. Sector Gamma AS now owns 22,827 shares of the medical research company’s stock valued at $6,400,000 after buying an additional 4,998 shares during the period. Natixis Advisors LLC boosted its stake in shares of Bio-Rad Laboratories by 67.1% in the 3rd quarter. Natixis Advisors LLC now owns 65,069 shares of the medical research company’s stock valued at $18,245,000 after buying an additional 26,119 shares during the period. Gotham Asset Management LLC lifted its stake in Bio-Rad Laboratories by 41.8% during the third quarter. Gotham Asset Management LLC now owns 124,626 shares of the medical research company’s stock worth $34,944,000 after purchasing an additional 36,763 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in Bio-Rad Laboratories by 461.0% during the third quarter. TD Asset Management Inc now owns 8,988 shares of the medical research company’s stock worth $2,520,000 after purchasing an additional 7,386 shares during the last quarter. Hedge funds and other institutional investors own 65.24% of the company’s stock.

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.