PNC Financial Services Group Inc. Sells 1,068 Shares of Bio-Rad Laboratories, Inc. (NYSE:BIO)

PNC Financial Services Group Inc. lessened its holdings in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 9.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,897 shares of the medical research company’s stock after selling 1,068 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Bio-Rad Laboratories were worth $3,196,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Bio-Rad Laboratories by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 2,389,889 shares of the medical research company’s stock worth $771,671,000 after purchasing an additional 46,119 shares during the period. Earnest Partners LLC raised its position in Bio-Rad Laboratories by 25.6% in the 3rd quarter. Earnest Partners LLC now owns 351,510 shares of the medical research company’s stock worth $125,999,000 after purchasing an additional 71,570 shares during the period. Thompson Siegel & Walmsley LLC raised its position in Bio-Rad Laboratories by 11.5% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 348,473 shares of the medical research company’s stock worth $112,518,000 after purchasing an additional 35,890 shares during the period. Invesco Ltd. raised its position in Bio-Rad Laboratories by 8.0% in the 3rd quarter. Invesco Ltd. now owns 343,462 shares of the medical research company’s stock worth $123,114,000 after purchasing an additional 25,562 shares during the period. Finally, Northern Trust Corp raised its position in Bio-Rad Laboratories by 6.9% in the 3rd quarter. Northern Trust Corp now owns 261,660 shares of the medical research company’s stock worth $93,792,000 after purchasing an additional 16,808 shares during the period. Hedge funds and other institutional investors own 65.24% of the company’s stock.

Insider Activity at Bio-Rad Laboratories

In related news, EVP Michael Crowley sold 369 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $281.91, for a total transaction of $104,024.79. Following the sale, the executive vice president now owns 6,573 shares of the company’s stock, valued at $1,852,994.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.50% of the stock is owned by corporate insiders.

Bio-Rad Laboratories Price Performance

Shares of NYSE BIO opened at $288.99 on Thursday. Bio-Rad Laboratories, Inc. has a 1 year low of $261.59 and a 1 year high of $431.79. The company has a debt-to-equity ratio of 0.13, a current ratio of 6.57 and a quick ratio of 4.89. The company’s 50-day moving average is $285.96 and its 200 day moving average is $311.76. The stock has a market capitalization of $8.24 billion, a P/E ratio of -27.89 and a beta of 0.95.

Bio-Rad Laboratories (NYSE:BIO) last announced its quarterly earnings results on Tuesday, May 7th. The medical research company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.25. Bio-Rad Laboratories had a negative net margin of 12.37% and a positive return on equity of 3.59%. The company had revenue of $610.82 million for the quarter, compared to analysts’ expectations of $619.09 million. During the same quarter in the previous year, the company earned $3.34 earnings per share. Bio-Rad Laboratories’s quarterly revenue was down 9.8% on a year-over-year basis. On average, sell-side analysts expect that Bio-Rad Laboratories, Inc. will post 10.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BIO shares. Jefferies Financial Group reiterated a “hold” rating and issued a $315.00 target price (down previously from $440.00) on shares of Bio-Rad Laboratories in a research report on Monday, June 3rd. Citigroup cut shares of Bio-Rad Laboratories from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $400.00 to $365.00 in a research report on Wednesday, April 3rd. StockNews.com upgraded shares of Bio-Rad Laboratories from a “hold” rating to a “buy” rating in a research report on Tuesday, May 28th. Finally, UBS Group decreased their price objective on shares of Bio-Rad Laboratories from $420.00 to $385.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $436.67.

About Bio-Rad Laboratories

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.