Bio-Rad Laboratories (NYSE:BIO) Releases Earnings Results, Beats Estimates By $0.85 EPS

Bio-Rad Laboratories (NYSE:BIO) posted its quarterly earnings data on Wednesday. The medical research company reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.85, 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 3.66% and a negative net margin of 30.18%. Bio-Rad Laboratories’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.33 earnings per share. Bio-Rad Laboratories updated its FY 2024 guidance to EPS.

Bio-Rad Laboratories Stock Performance

Shares of NYSE BIO opened at $368.42 on Friday. The stock has a market cap of $10.27 billion, a PE ratio of -13.48 and a beta of 0.95. Bio-Rad Laboratories has a 1 year low of $262.12 and a 1 year high of $372.27. The firm has a fifty day moving average price of $333.99 and a 200-day moving average price of $308.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.28 and a quick ratio of 4.63.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BIO. StockNews.com raised shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a report on Friday. Wells Fargo & Company started coverage on shares of Bio-Rad Laboratories in a research note on Tuesday, August 27th. They set an “equal weight” rating and a $340.00 price target on the stock. Royal Bank of Canada upped their price objective on Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Citigroup lifted their target price on Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $391.80.

Insider Activity at Bio-Rad Laboratories

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

Bio-Rad Laboratories Company Profile

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.