PNC Financial Services Group Inc. Cuts Stake in Bio-Rad Laboratories, Inc. (NYSE:BIO)

PNC Financial Services Group Inc. lowered its position in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 60.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 3,350 shares of the medical research company’s stock after selling 5,152 shares during the period. PNC Financial Services Group Inc.’s holdings in Bio-Rad Laboratories were worth $816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Lecap Asset Management Ltd. boosted its stake in shares of Bio-Rad Laboratories by 3.1% during the first quarter. Lecap Asset Management Ltd. now owns 1,600 shares of the medical research company’s stock valued at $390,000 after purchasing an additional 48 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Bio-Rad Laboratories by 2.5% during the first quarter. State of Alaska Department of Revenue now owns 2,254 shares of the medical research company’s stock valued at $548,000 after purchasing an additional 55 shares during the period. ProShare Advisors LLC boosted its stake in shares of Bio-Rad Laboratories by 8.0% during the fourth quarter. ProShare Advisors LLC now owns 901 shares of the medical research company’s stock valued at $296,000 after purchasing an additional 67 shares during the period. GeoWealth Management LLC boosted its stake in shares of Bio-Rad Laboratories by 342.9% during the fourth quarter. GeoWealth Management LLC now owns 93 shares of the medical research company’s stock valued at $31,000 after purchasing an additional 72 shares during the period. Finally, Commerce Bank boosted its stake in shares of Bio-Rad Laboratories by 11.7% during the fourth quarter. Commerce Bank now owns 801 shares of the medical research company’s stock valued at $263,000 after purchasing an additional 84 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Bio-Rad Laboratories Price Performance

Shares of Bio-Rad Laboratories stock opened at $264.48 on Tuesday. The company has a quick ratio of 3.67, a current ratio of 5.12 and a debt-to-equity ratio of 0.17. The company has a market cap of $7.16 billion, a PE ratio of 22.55 and a beta of 0.90. The business has a 50 day moving average of $246.24 and a 200 day moving average of $256.29. Bio-Rad Laboratories, Inc. has a 52 week low of $211.43 and a 52 week high of $387.99.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings data on Thursday, July 31st. The medical research company reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.68. The business had revenue of $651.60 million during the quarter, compared to the consensus estimate of $614.82 million. Bio-Rad Laboratories had a return on equity of 4.01% and a net margin of 12.50%. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.11 earnings per share. As a group, equities research analysts forecast that Bio-Rad Laboratories, Inc. will post 10.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Wall Street Zen raised Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. UBS Group dropped their price objective on Bio-Rad Laboratories from $355.00 to $310.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Citigroup dropped their price objective on Bio-Rad Laboratories from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Royal Bank Of Canada upped their target price on Bio-Rad Laboratories from $387.00 to $409.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Finally, Wells Fargo & Company upped their target price on Bio-Rad Laboratories from $245.00 to $265.00 and gave the company an “equal weight” rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $333.50.

Bio-Rad Laboratories 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.