Zacks Investment Research cut shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
Several other brokerages have also issued reports on TECH. BidaskClub upgraded shares of BIO-TECHNE from a hold rating to a buy rating in a research report on Tuesday, October 30th. Craig Hallum upped their price target on shares of BIO-TECHNE from $160.00 to $215.00 and gave the company a buy rating in a research report on Wednesday, August 8th. Citigroup upped their price target on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a buy rating in a research report on Thursday, August 9th. Robert W. Baird upped their price target on shares of BIO-TECHNE from $162.00 to $191.00 and gave the company a positive rating in a research report on Wednesday, August 8th. Finally, Goldman Sachs Group assumed coverage on shares of BIO-TECHNE in a research report on Wednesday, October 17th. They set a neutral rating and a $190.00 price target for the company. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. BIO-TECHNE presently has a consensus rating of Buy and an average price target of $184.13.
Shares of NASDAQ:TECH opened at $174.01 on Tuesday. BIO-TECHNE has a 52-week low of $121.26 and a 52-week high of $206.04. The firm has a market capitalization of $6.43 billion, a P/E ratio of 42.87, a P/E/G ratio of 2.88 and a beta of 1.04. The company has a quick ratio of 3.56, a current ratio of 4.65 and a debt-to-equity ratio of 0.49.
BIO-TECHNE (NASDAQ:TECH) last announced its earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The company had revenue of $163.00 million during the quarter, compared to analyst estimates of $162.34 million. During the same period in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. Sell-side analysts predict that BIO-TECHNE will post 3.79 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.28 annualized dividend and a yield of 0.74%. BIO-TECHNE’s payout ratio is 31.45%.
In other BIO-TECHNE news, Director John L. Higgins sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now directly owns 13,012 shares in the company, valued at $2,445,215.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.80% of the company’s stock.
Several institutional investors have recently bought and sold shares of TECH. Schroder Investment Management Group boosted its holdings in shares of BIO-TECHNE by 975.1% during the second quarter. Schroder Investment Management Group now owns 2,211,502 shares of the biotechnology company’s stock worth $85,499,000 after purchasing an additional 2,005,804 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of BIO-TECHNE by 1,286,672.2% during the second quarter. Advisors Asset Management Inc. now owns 231,619 shares of the biotechnology company’s stock worth $1,112,000 after purchasing an additional 231,601 shares during the period. First Trust Advisors LP boosted its holdings in shares of BIO-TECHNE by 41.1% during the third quarter. First Trust Advisors LP now owns 672,964 shares of the biotechnology company’s stock worth $137,359,000 after purchasing an additional 195,950 shares during the period. BTIM Corp. purchased a new stake in shares of BIO-TECHNE during the second quarter worth about $22,879,000. Finally, OppenheimerFunds Inc. boosted its holdings in shares of BIO-TECHNE by 98.2% during the second quarter. OppenheimerFunds Inc. now owns 303,344 shares of the biotechnology company’s stock worth $44,879,000 after purchasing an additional 150,256 shares during the period. Institutional investors own 94.72% of the company’s stock.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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