Toronto Dominion Bank Sells Shares of Bio-Rad Laboratories, Inc.

Toronto Dominion Bank has made significant adjustments to its holdings in Bio-Rad Laboratories, Inc. (NYSE:BIO - Free Report) by decreasing its ownership by 43.6% during the third quarter. This change was detailed in the bank's latest 13F filing with the SEC. Following the sale of 2,864 shares, Toronto Dominion Bank now holds a total of 3,706 shares in the medical research company, valued at approximately $1,240,000 based on the recent filing.

Other institutional investors have also been active with their positions in Bio-Rad Laboratories. For instance, Capital Advisors Ltd. LLC made a notable increase of 193.8% in its stake during the second quarter, bringing its holdings to 94 shares, worth $26,000 after acquiring an additional 62 shares last quarter. Similarly, UMB Bank n.a. expanded its investment by 140.6% in the third quarter, owning a total of 77 shares, also valued at $26,000 after buying 45 more shares during this period.

Additionally, Gladius Capital Management LP initiated a new position in Bio-Rad Laboratories estimated at about $32,000 in the third quarter. Other investors, such as Headlands Technologies LLC, purchased a stake valued at $51,000 during the second quarter, and Point72 Hong Kong Ltd. acquired shares equivalent to $55,000 in value during the latest quarter. Overall, hedge funds and institutional investors collectively own 65.24% of Bio-Rad Laboratories' stock.

Bio-Rad Laboratories Price Performance

On Tuesday, shares of Bio-Rad Laboratories (NYSE:BIO) opened at $343.19. The stock has a 50-day simple moving average of $341.40 and a two-hundred-day simple moving average of $321.72. The company’s shares have fluctuated between a twelve-month low of $262.12 and a high of $387.99. Bio-Rad Laboratories has a market capitalization of $9.61 billion, a P/E ratio of -12.56, and a beta of 0.90. Furthermore, the firm has a quick ratio of 4.52, a current ratio of 6.14, and a debt-to-equity ratio of 0.16.

Recent Earnings and Forecasts

Bio-Rad Laboratories recently posted its quarterly earnings report on October 30th. The company reported earnings of $2.01 per share for the quarter, surpassing the consensus estimate of $1.16 by $0.85. Despite a negative net margin of 30.18%, the company achieved a positive return on equity of 3.74%. Its revenue for the quarter amounted to $649.70 million, exceeding analyst expectations of $628.18 million. Additionally, the company’s revenue marked a 2.8% increase from the same period last year. Analysts forecast that Bio-Rad Laboratories will report earnings of around 10.29 per share for the current fiscal year.

Analyst Ratings

Several analysts have shared their insights on Bio-Rad Laboratories' stock recently. Citigroup raised their price target from $400.00 to $450.00, maintaining a “buy” rating on October 31st. Royal Bank of Canada also improved its target price from $369.00 to $481.00, assigning an “outperform” rating in a report released on December 9th. Furthermore, StockNews.com upgraded their rating on Bio-Rad Laboratories from “hold” to “buy” on November 1st. Wells Fargo & Company initiated coverage with an “equal weight” rating and a price objective of $340.00. Currently, two analysts hold a “hold” rating, while four analysts have issued a “buy” rating. Data from MarketBeat indicates that Bio-Rad Laboratories has an average rating of “Moderate Buy” with an average price target set at $394.20.

Company Overview

Bio-Rad Laboratories, Inc. specializes in manufacturing and distributing life science research and clinical diagnostic products globally, operating primarily across the United States, Europe, Asia, Canada, and Latin America. The company operates through two key segments: Life Science and Clinical Diagnostics, focusing on developing, manufacturing, and marketing instruments, systems, reagents, and consumables essential for separating, purifying, characterizing, and quantitating biological materials like cells, proteins, and nucleic acids for applications in proteomics, genomics, biopharmaceutical production, cellular biology, and food safety markets.

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