Contravisory Investment Management Inc. Takes Position in Bio-Rad Laboratories, Inc. (NYSE:BIO)

Contravisory Investment Management Inc. bought a new stake in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,731 shares of the medical research company's stock, valued at approximately $569,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. UMB Bank n.a. raised its stake in shares of Bio-Rad Laboratories by 140.6% during the 3rd quarter. UMB Bank n.a. now owns 77 shares of the medical research company's stock worth $26,000 after purchasing an additional 45 shares in the last quarter. Gladius Capital Management LP bought a new stake in Bio-Rad Laboratories during the third quarter worth $32,000. Point72 Hong Kong Ltd acquired a new stake in Bio-Rad Laboratories in the third quarter valued at $55,000. Quarry LP bought a new position in shares of Bio-Rad Laboratories in the 2nd quarter valued at about $59,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Bio-Rad Laboratories during the 2nd quarter worth about $82,000. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Bio-Rad Laboratories Stock Performance

Shares of NYSE:BIO traded up $2.77 during trading on Thursday, reaching $344.56. 146,810 shares of the stock were exchanged, compared to its average volume of 145,872. Bio-Rad Laboratories, Inc. has a 12 month low of $262.12 and a 12 month high of $387.99. The stock has a 50-day moving average price of $337.60 and a 200-day moving average price of $329.16. The company has a current ratio of 6.14, a quick ratio of 4.52 and a debt-to-equity ratio of 0.16. The firm has a market cap of $9.65 billion, a PE ratio of -12.61 and a beta of 0.90.

Bio-Rad Laboratories (NYSE:BIO - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The medical research company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.85. The business had revenue of $649.70 million during the quarter, compared to the consensus estimate of $628.18 million. Bio-Rad Laboratories had a positive return on equity of 3.74% and a negative net margin of 30.18%. The firm's quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.33 EPS. Research analysts expect that Bio-Rad Laboratories, Inc. will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BIO has been the subject of several recent analyst reports. StockNews.com upgraded shares of Bio-Rad Laboratories from a "hold" rating to a "buy" rating in a research note on Friday, November 1st. Royal Bank of Canada reiterated an "outperform" rating and set a $481.00 target price on shares of Bio-Rad Laboratories in a research note on Tuesday. Finally, Citigroup increased their price target on Bio-Rad Laboratories from $400.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Bio-Rad Laboratories has an average rating of "Moderate Buy" and an average target price of $394.20.

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.