Corebridge Financial Inc. Trims Stake in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Corebridge Financial Inc. cut its position in shares of Bio-Rad Laboratories, Inc. (NYSE:BIO) by 3.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,784 shares of the medical research company’s stock after selling 861 shares during the period. Corebridge Financial Inc.’s holdings in Bio-Rad Laboratories were worth $7,156,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Wealthfront Advisers LLC bought a new stake in Bio-Rad Laboratories in the fourth quarter worth about $342,686,000. Point72 Asset Management L.P. purchased a new stake in shares of Bio-Rad Laboratories in the third quarter worth approximately $83,681,000. Wedge Capital Management L L P NC bought a new stake in shares of Bio-Rad Laboratories during the 4th quarter worth approximately $28,740,000. Proficio Capital Partners LLC purchased a new position in Bio-Rad Laboratories during the 4th quarter valued at $9,820,000. Finally, DAVENPORT & Co LLC grew its position in Bio-Rad Laboratories by 48.8% in the 4th quarter. DAVENPORT & Co LLC now owns 84,677 shares of the medical research company’s stock valued at $27,817,000 after acquiring an additional 27,780 shares during the last quarter. 65.24% of the stock is owned by hedge funds and other institutional investors.

Bio-Rad Laboratories Stock Performance

BIO stock opened at $243.33 on Friday. Bio-Rad Laboratories, Inc. has a 1-year low of $241.87 and a 1-year high of $387.99. The business has a 50-day moving average price of $293.54 and a 200 day moving average price of $322.49. The company has a market capitalization of $6.82 billion, a P/E ratio of -3.74 and a beta of 0.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 6.48 and a quick ratio of 4.85.

Bio-Rad Laboratories (NYSE:BIO) last posted its quarterly earnings results on Thursday, February 13th. The medical research company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.86 by $0.04. Bio-Rad Laboratories had a negative net margin of 71.86% and a positive return on equity of 3.90%. As a group, equities research analysts forecast that Bio-Rad Laboratories, Inc. will post 10.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $481.00 target price on shares of Bio-Rad Laboratories in a research report on Tuesday, January 14th. StockNews.com lowered shares of Bio-Rad Laboratories from a “buy” rating to a “hold” rating in a report on Monday, February 17th. Finally, Wells Fargo & Company dropped their target price on shares of Bio-Rad Laboratories from $360.00 to $345.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 12th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $395.20.

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.