Bio-Rad Laboratories (NYSE:BIO) Posts Earnings Results

by · The Markets Daily

Bio-Rad Laboratories (NYSE:BIO – Get Free Report) released its earnings results on Wednesday. The medical research company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.28 by $0.73, Briefing.com reports. The company had revenue of $649.70 million during the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.77% and a negative net margin of 51.73%. The business’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.33 EPS. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Stock Performance

Shares of NYSE:BIO traded up $26.69 during trading on Thursday, reaching $357.27. 217,258 shares of the company’s stock traded hands, compared to its average volume of 247,953. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.28 and a quick ratio of 4.63. The company has a 50 day moving average of $331.96 and a 200-day moving average of $307.65. Bio-Rad Laboratories has a 12 month low of $262.12 and a 12 month high of $364.24. The stock has a market capitalization of $9.96 billion, a P/E ratio of -7.61 and a beta of 0.95.

Insiders Place Their Bets

In related news, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $329.94, for a total transaction of $989,820.00. Following the completion of the transaction, the chief operating officer now owns 7,559 shares in the company, valued at $2,494,016.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Bio-Rad Laboratories news, COO Andrew J. Last sold 3,000 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $329.94, for a total transaction of $989,820.00. Following the completion of the transaction, the chief operating officer now directly owns 7,559 shares of the company’s stock, valued at $2,494,016.46. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James Barry sold 623 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $330.49, for a total transaction of $205,895.27. Following the completion of the sale, the executive vice president now owns 147 shares in the company, valued at $48,582.03. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 17.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com lowered shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup upgraded Bio-Rad Laboratories from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $350.00 to $400.00 in a research note on Tuesday, October 1st. Wells Fargo & Company initiated coverage on Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $401.00 target price on shares of Bio-Rad Laboratories in a report on Friday, August 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $368.20.

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About Bio-Rad Laboratories

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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.

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