New York State Common Retirement Fund Buys 4,678 Shares of Bio-Rad Laboratories, Inc. (BIO)
New York State Common Retirement Fund grew its stake in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 6.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,239 shares of the medical research company’s stock after purchasing an additional 4,678 shares during the quarter. New York State Common Retirement Fund owned 0.27% of Bio-Rad Laboratories worth $18,053,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Canada Pension Plan Investment Board bought a new stake in Bio-Rad Laboratories in the second quarter valued at about $113,000. Pacad Investment Ltd. bought a new position in shares of Bio-Rad Laboratories during the second quarter valued at approximately $113,000. First Manhattan Co. grew its holdings in shares of Bio-Rad Laboratories by 71.6% during the third quarter. First Manhattan Co. now owns 599 shares of the medical research company’s stock valued at $133,000 after purchasing an additional 250 shares during the last quarter. Turner Investments LLC bought a new position in shares of Bio-Rad Laboratories during the second quarter valued at approximately $136,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of Bio-Rad Laboratories by 3,333.3% during the third quarter. Meeder Asset Management Inc. now owns 618 shares of the medical research company’s stock valued at $137,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 63.91% of the company’s stock.
In other news, VP James R. Stark sold 746 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $270.51, for a total transaction of $201,800.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Christine A. Tsingos sold 4,980 shares of the stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $249.40, for a total value of $1,242,012.00. Following the sale, the chief financial officer now owns 7,283 shares of the company’s stock, valued at approximately $1,816,380.20. The disclosure for this sale can be found here. Insiders sold 9,126 shares of company stock valued at $2,309,426 over the last 90 days. 28.29% of the stock is currently owned by insiders.
Several research firms have recently commented on BIO. Zacks Investment Research raised Bio-Rad Laboratories from a “hold” rating to a “strong-buy” rating and set a $291.00 target price for the company in a report on Wednesday. Wells Fargo & Company reaffirmed an “outperform” rating and set a $290.00 target price (up from $250.00) on shares of Bio-Rad Laboratories in a report on Wednesday, November 29th. TheStreet raised Bio-Rad Laboratories from a “c+” rating to a “b-” rating in a report on Monday, November 13th. Finally, Deutsche Bank reissued a “buy” rating and issued 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. The stock has an average rating of “Buy” and a consensus target price of $277.75.
Shares of Bio-Rad Laboratories, Inc. (BIO) opened at $249.72 on Friday. The firm has a market capitalization of $7,491.65, a P/E ratio of 79.91, a price-to-earnings-growth ratio of 3.76 and a beta of 0.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 4.06 and a quick ratio of 2.77. Bio-Rad Laboratories, Inc. has a 52-week low of $177.68 and a 52-week high of $273.87.
Bio-Rad Laboratories (NYSE:BIO) last released its earnings results on Thursday, November 2nd. The medical research company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.37. The firm had revenue of $535.00 million during the quarter, compared to the consensus estimate of $507.99 million. Bio-Rad Laboratories had a return on equity of 3.44% and a net margin of 1.15%. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 earnings per share. equities analysts predict that Bio-Rad Laboratories, Inc. will post 2.68 EPS for the current fiscal year.
Bio-Rad Laboratories announced that its Board of Directors has approved a share repurchase plan on Tuesday, November 28th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the medical research company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Bio-Rad Laboratories Company Profile
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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