Zacks Research Weighs in on Bio-Rad Laboratories, Inc.’s Q1 2024 Earnings (NYSE:BIO)

Bio-Rad Laboratories, Inc. (NYSE:BIO) – Research analysts at Zacks Research lowered their Q1 2024 earnings per share estimates for shares of Bio-Rad Laboratories in a research note issued to investors on Monday, April 15th. Zacks Research analyst R. Anand now anticipates that the medical research company will post earnings per share of $2.06 for the quarter, down from their previous estimate of $2.09. The consensus estimate for Bio-Rad Laboratories’ current full-year earnings is $10.41 per share. Zacks Research also issued estimates for Bio-Rad Laboratories’ Q2 2024 earnings at $2.17 EPS, Q4 2024 earnings at $3.39 EPS, Q2 2025 earnings at $1.95 EPS, Q4 2025 earnings at $3.30 EPS, FY2025 earnings at $11.47 EPS, Q1 2026 earnings at $2.84 EPS and FY2026 earnings at $12.27 EPS.

Several other equities analysts have also recently weighed in on the company. UBS Group lifted their price objective on Bio-Rad Laboratories from $395.00 to $420.00 and gave the company a “buy” rating in a report on Friday, February 16th. StockNews.com cut Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Friday, April 5th. Royal Bank of Canada dropped their price objective on Bio-Rad Laboratories from $484.00 to $480.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Finally, Citigroup lowered Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and decreased their price target for the company from $400.00 to $365.00 in a research note on Wednesday, April 3rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $468.00.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO opened at $290.78 on Tuesday. The stock has a market capitalization of $8.29 billion, a PE ratio of -13.53 and a beta of 0.87. The company has a debt-to-equity ratio of 0.14, a current ratio of 5.83 and a quick ratio of 4.34. The business has a fifty day moving average price of $331.66 and a two-hundred day moving average price of $321.00. Bio-Rad Laboratories has a fifty-two week low of $261.59 and a fifty-two week high of $489.36.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings data on Thursday, February 15th. The medical research company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $2.93 by $0.17. The firm had revenue of $681.18 million during the quarter, compared to analysts’ expectations of $685.00 million. Bio-Rad Laboratories had a positive return on equity of 3.90% and a negative net margin of 23.86%. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.31 EPS.

Institutional Investors Weigh In On Bio-Rad Laboratories

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC bought a new stake in Bio-Rad Laboratories during the 1st quarter worth $38,000. Ballentine Partners LLC bought a new stake in shares of Bio-Rad Laboratories in the 1st quarter valued at about $213,000. Park Avenue Securities LLC grew its position in shares of Bio-Rad Laboratories by 10.2% in the 1st quarter. Park Avenue Securities LLC now owns 2,220 shares of the medical research company’s stock valued at $768,000 after buying an additional 205 shares during the last quarter. Polianta Ltd grew its position in shares of Bio-Rad Laboratories by 22.2% in the 1st quarter. Polianta Ltd now owns 3,300 shares of the medical research company’s stock valued at $1,141,000 after buying an additional 600 shares during the last quarter. Finally, Fulton Bank N.A. bought a new stake in shares of Bio-Rad Laboratories in the 1st quarter valued at about $243,000. Institutional investors own 65.24% of the company’s stock.

Insider Activity

In other news, EVP Michael Crowley sold 3,000 shares of Bio-Rad Laboratories stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $336.00, for a total value of $1,008,000.00. Following the transaction, the executive vice president now owns 6,942 shares in the company, valued at approximately $2,332,512. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 17.50% of the company’s stock.

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.