CIBC Asset Management Inc Sells 2,037 Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO)

CIBC Asset Management Inc lowered its stake in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 75.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 679 shares of the medical research company’s stock after selling 2,037 shares during the quarter. CIBC Asset Management Inc’s holdings in Bio-Rad Laboratories were worth $227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Van ECK Associates Corp bought a new stake in Bio-Rad Laboratories in the 2nd quarter valued at $180,040,000. First Eagle Investment Management LLC raised its stake in shares of Bio-Rad Laboratories by 32,296.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 636,275 shares of the medical research company’s stock valued at $173,773,000 after purchasing an additional 634,311 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Bio-Rad Laboratories by 64.4% in the second quarter. Dimensional Fund Advisors LP now owns 494,604 shares of the medical research company’s stock valued at $135,081,000 after purchasing an additional 193,700 shares in the last quarter. Select Equity Group L.P. boosted its position in shares of Bio-Rad Laboratories by 26.2% during the second quarter. Select Equity Group L.P. now owns 649,522 shares of the medical research company’s stock worth $177,391,000 after buying an additional 134,856 shares during the period. Finally, Earnest Partners LLC grew its holdings in shares of Bio-Rad Laboratories by 30.8% during the first quarter. Earnest Partners LLC now owns 514,906 shares of the medical research company’s stock worth $178,091,000 after buying an additional 121,272 shares in the last quarter. Institutional investors and hedge funds own 65.24% of the company’s stock.

Analyst Upgrades and Downgrades

BIO has been the topic of several research reports. Wells Fargo & Company assumed coverage on Bio-Rad Laboratories in a research note on Tuesday, August 27th. They issued an “equal weight” rating and a $340.00 target price on the stock. Royal Bank of Canada increased their target price on shares of Bio-Rad Laboratories from $446.00 to $469.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Citigroup lifted their price target on shares of Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, StockNews.com raised shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $391.80.

Bio-Rad Laboratories Price Performance

NYSE:BIO opened at $332.91 on Friday. The stock has a market capitalization of $9.32 billion, a PE ratio of -12.18 and a beta of 0.93. Bio-Rad Laboratories, Inc. has a 1-year low of $262.12 and a 1-year high of $387.99. The firm has a fifty day simple moving average of $340.52 and a 200 day simple moving average of $315.68. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings results on Wednesday, October 30th. The medical research company reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.85. The firm had revenue of $649.70 million during the quarter, compared to analysts’ expectations of $628.18 million. Bio-Rad Laboratories had a negative net margin of 30.18% and a positive return on equity of 3.74%. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.33 earnings per share. On average, research analysts expect that Bio-Rad Laboratories, Inc. will post 9.93 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 sale, the executive vice president now owns 147 shares in the company, valued at approximately $48,582.03. This represents a 80.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew J. Last sold 3,000 shares of Bio-Rad Laboratories stock in a transaction on Friday, September 6th. The stock was sold at an average price of $329.94, for a total transaction of $989,820.00. Following the transaction, the chief operating officer now directly owns 7,559 shares of the company’s stock, valued at approximately $2,494,016.46. This trade represents a 28.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.06% of the stock is currently owned by corporate insiders.

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.