Zacks Research Brokers Increase Earnings Estimates for Bio-Rad Laboratories, Inc. (NYSE:BIO)

Bio-Rad Laboratories, Inc. (NYSE:BIOGet Rating) – Research analysts at Zacks Research lifted their Q2 2023 earnings estimates for Bio-Rad Laboratories in a note issued to investors on Tuesday, September 20th. Zacks Research analyst B. Das now expects that the medical research company will post earnings per share of $3.98 for the quarter, up from their previous estimate of $3.97. The consensus estimate for Bio-Rad Laboratories’ current full-year earnings is $14.35 per share. Zacks Research also issued estimates for Bio-Rad Laboratories’ Q3 2023 earnings at $4.05 EPS and Q2 2024 earnings at $4.41 EPS.

Several other research firms have also recently weighed in on BIO. Credit Suisse Group assumed coverage on shares of Bio-Rad Laboratories in a research note on Wednesday, August 24th. They set an “outperform” rating and a $715.00 target price for the company. Citigroup cut their target price on shares of Bio-Rad Laboratories from $750.00 to $700.00 and set a “buy” rating for the company in a research note on Friday, July 8th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $705.00.

Bio-Rad Laboratories Stock Performance

BIO opened at $437.39 on Wednesday. The stock has a market capitalization of $12.99 billion, a price-to-earnings ratio of -6.60 and a beta of 0.99. The company has a fifty day moving average of $509.09 and a 200 day moving average of $522.00. Bio-Rad Laboratories has a fifty-two week low of $433.79 and a fifty-two week high of $804.65. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.22 and a current ratio of 5.30.

Bio-Rad Laboratories (NYSE:BIOGet Rating) last posted its earnings results on Thursday, July 28th. The medical research company reported $3.38 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.92. The company had revenue of $691.10 million during the quarter, compared to analysts’ expectations of $664.60 million. Bio-Rad Laboratories had a negative net margin of 67.66% and a positive return on equity of 3.82%. Bio-Rad Laboratories’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the company posted $3.54 earnings per share.

Insider Buying and Selling at Bio-Rad Laboratories

In other Bio-Rad Laboratories news, CAO Ajit Ramalingam sold 518 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $537.00, for a total transaction of $278,166.00. Following the completion of the transaction, the chief accounting officer now owns 98 shares in the company, valued at $52,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 27.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bio-Rad Laboratories

Institutional investors have recently made changes to their positions in the company. HM Payson & Co. bought a new stake in shares of Bio-Rad Laboratories in the 1st quarter worth about $28,000. SeaCrest Wealth Management LLC bought a new stake in shares of Bio-Rad Laboratories in the 2nd quarter worth about $26,000. Cambridge Trust Co. lifted its holdings in shares of Bio-Rad Laboratories by 170.0% in the 1st quarter. Cambridge Trust Co. now owns 54 shares of the medical research company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Bio-Rad Laboratories by 80.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 54 shares of the medical research company’s stock worth $26,000 after acquiring an additional 24 shares during the last quarter. Finally, Tcwp LLC bought a new stake in shares of Bio-Rad Laboratories in the 1st quarter worth about $48,000. Institutional investors own 64.33% of the company’s stock.

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. The company operates through Life Science and Clinical Diagnostics segments. The Life Science segment develops, manufactures, and markets a range of reagents, apparatus, and laboratory instruments that are used in research techniques, biopharmaceutical production processes, and food testing regimes.

See Also

Earnings History and Estimates for Bio-Rad Laboratories (NYSE:BIO)

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