Neuberger Berman Group LLC boosted its holdings in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 20.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,393 shares of the medical research company’s stock after purchasing an additional 22,050 shares during the period. Neuberger Berman Group LLC owned approximately 0.44% of Bio-Rad Laboratories worth $29,198,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in BIO. Northwestern Mutual Investment Management Company LLC increased its stake in Bio-Rad Laboratories by 0.4% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 3,596 shares of the medical research company’s stock valued at $514,000 after buying an additional 13 shares during the period. Martin & Co. Inc. TN increased its stake in Bio-Rad Laboratories by 0.6% in the 2nd quarter. Martin & Co. Inc. TN now owns 6,825 shares of the medical research company’s stock valued at $1,545,000 after buying an additional 40 shares during the period. State of Wisconsin Investment Board increased its stake in Bio-Rad Laboratories by 1.0% in the 2nd quarter. State of Wisconsin Investment Board now owns 4,187 shares of the medical research company’s stock valued at $948,000 after buying an additional 40 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in Bio-Rad Laboratories by 1.2% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 6,364 shares of the medical research company’s stock valued at $1,440,000 after buying an additional 78 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bio-Rad Laboratories by 12.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 815 shares of the medical research company’s stock valued at $184,000 after buying an additional 90 shares during the period. 63.88% of the stock is owned by institutional investors and hedge funds.
Bio-Rad Laboratories, Inc. (BIO) traded down $2.84 during trading hours on Friday, hitting $248.37. 176,339 shares of the stock were exchanged, compared to its average volume of 182,267. The company has a market cap of $7,476.76, a P/E ratio of 314.39, a price-to-earnings-growth ratio of 2.03 and a beta of 0.97. Bio-Rad Laboratories, Inc. has a one year low of $183.43 and a one year high of $273.87. The company has a quick ratio of 2.77, a current ratio of 4.06 and a debt-to-equity ratio of 0.15.
Bio-Rad Laboratories (NYSE:BIO) last released its quarterly earnings data on Thursday, November 2nd. The medical research company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.37. The company had revenue of $535.00 million during the quarter, compared to the consensus estimate of $507.99 million. Bio-Rad Laboratories had a net margin of 1.15% and a return on equity of 3.44%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $0.62 EPS. equities research analysts predict that Bio-Rad Laboratories, Inc. will post 2.68 earnings per share for the current fiscal year.
Bio-Rad Laboratories announced that its board has authorized a stock repurchase plan on Tuesday, November 28th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
Several research firms have weighed in on BIO. Wells Fargo & Co reiterated an “outperform” rating and issued a $290.00 price objective (up previously from $250.00) on shares of Bio-Rad Laboratories in a research note on Wednesday, November 29th. Zacks Investment Research upgraded shares of Bio-Rad Laboratories from a “sell” rating to a “hold” rating in a research note on Tuesday, November 7th. TheStreet raised shares of Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a report on Monday, November 13th. Finally, Deutsche Bank reaffirmed a “buy” rating and set a $255.00 price objective on shares of Bio-Rad Laboratories in a report on Monday, September 18th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Bio-Rad Laboratories has an average rating of “Buy” and a consensus price target of $277.75.
In related news, EVP Giovanni Magni sold 2,400 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $253.01, for a total transaction of $607,224.00. Following the completion of the sale, the executive vice president now owns 9,251 shares in the company, valued at approximately $2,340,595.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael Crowley sold 1,000 shares of the stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $258.39, for a total transaction of $258,390.00. Following the sale, the executive vice president now owns 2,492 shares of the company’s stock, valued at approximately $643,907.88. The disclosure for this sale can be found here. Insiders have sold a total of 9,126 shares of company stock valued at $2,309,426 in the last quarter. 28.29% of the stock is currently owned by corporate insiders.
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About Bio-Rad Laboratories
Bio-Rad Laboratories, Inc (Bio-Rad) is a manufacturer and distributor of its life science research and clinical diagnostics products. The Company operates through two segments: Life Science and Clinical Diagnostics. It manufactures and supplies the life science research, healthcare, analytical chemistry and other markets with a range of products and systems used to separate complex chemical and biological materials and to identify, analyze and purify their components.
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