Toronto Dominion Bank Reduces Stake in Bio-Rad Laboratories

The Toronto Dominion Bank has significantly lowered its investment in Bio-Rad Laboratories, Inc. (NYSE:BIO) by 43.6% during the third quarter of this year. This reduction was revealed in the bank's latest 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 2,864 shares, Toronto Dominion Bank now holds a total of 3,706 shares in the medical research company, which is valued at approximately $1,240,000 based on their recent SEC disclosures.

In addition, other institutional investors have made adjustments to their holdings in Bio-Rad Laboratories. For example, Capital Advisors Ltd. LLC increased its stake by a remarkable 193.8% during the previous quarter, now holding 94 shares, which are worth about $26,000 following the acquisition of an additional 62 shares. UMB Bank n.a. also expanded its interest in Bio-Rad Laboratories by 140.6% in the third quarter, owning 77 shares with a similar value of around $26,000 after adding 45 shares to its portfolio. Furthermore, Gladius Capital Management LP entered the market by acquiring a new stake in the company worth roughly $32,000, while Headlands Technologies LLC invested $51,000 in Bio-Rad Laboratories during the second quarter. Lastly, Point72 Hong Kong Ltd. made a new investment in the company during the third quarter, amounting to $55,000. Currently, hedge funds and other institutional investors control approximately 65.24% of Bio-Rad Laboratories' shares.

Bio-Rad Laboratories Stock Performance

As of 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. Over the past year, the stock has seen a low of $262.12 and a high of $387.99, indicating its volatility. The company boasts a market capitalization of $9.61 billion and has a P/E ratio of -12.56, suggesting that the company is currently experiencing a loss relative to its earnings. Additional financial metrics include a quick ratio of 4.52, a current ratio of 6.14, and a debt-to-equity ratio of 0.16.

Recent Earnings and Analyst Ratings

Bio-Rad Laboratories last reported quarterly earnings on October 30th, revealing earnings per share (EPS) of $2.01, which surpassed analyst expectations by $0.85, as the consensus estimate stood at $1.16. Although the company reported a negative net margin of 30.18%, it achieved a positive return on equity of 3.74%. The revenue for the quarter reached $649.70 million, exceeding analyst forecasts of $628.18 million, which represents a year-over-year revenue growth of 2.8%. Equity analysts project that Bio-Rad Laboratories will report an EPS of 10.29 for the current fiscal year.

Price Targets Set by Analysts

In light of the recent performance, several analysts have adjusted their price targets for Bio-Rad Laboratories. Citigroup increased its target from $400.00 to $450.00, rating the stock as a "buy" on October 31st. Similarly, the Royal Bank of Canada raised their target price from $369.00 to $481.00, giving Bio-Rad an "outperform" rating in a previously published report. StockNews.com upgraded Bio-Rad Laboratories from a "hold" position to a "buy" rating, while Wells Fargo & Company initiated coverage with an "equal weight" rating, establishing a price objective of $340.00. Overall, MarketBeat data indicates that Bio-Rad Laboratories has an average rating of "Moderate Buy" from analysts, with an average price target of $394.20.

About Bio-Rad Laboratories

Bio-Rad Laboratories, Inc. specializes in manufacturing and distributing products related to life science research and clinical diagnostics across various regions, including the United States, Europe, Asia, Canada, and Latin America. The company operates through two primary segments, which are Life Science and Clinical Diagnostics. Bio-Rad develops, produces, and markets a variety of instruments, systems, reagents, and consumables used for the separation, purification, characterization, and quantification of biological materials, such as cells and proteins, targeting multiple markets including proteomics, genomics, biopharmaceutical production, and food safety.

Bank, Investment, Bio-Rad