Zacks Investment Research lowered shares of BIO-TECHNE (NASDAQ:TECH) from a hold rating to a sell rating in a research note released on Wednesday.
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 equities research analysts have also recently commented on the stock. Goldman Sachs Group started coverage on shares of BIO-TECHNE in a research report on Wednesday, October 17th. They issued a neutral rating and a $190.00 price target on the stock. BidaskClub cut shares of BIO-TECHNE from a buy rating to a hold rating in a research report on Thursday, October 18th. ValuEngine upgraded shares of BIO-TECHNE from a buy rating to a strong-buy rating in a research report on Tuesday, September 11th. Craig Hallum cut shares of BIO-TECHNE from a buy rating to a hold rating and dropped their price target for the stock from $215.00 to $154.00 in a research report on Wednesday, October 31st. Finally, Argus boosted their price target on shares of BIO-TECHNE from $210.00 to $230.00 and gave the stock a buy rating in a research report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $181.00.
BIO-TECHNE stock traded down $4.05 during midday trading on Wednesday, hitting $157.93. The company’s stock had a trading volume of 3,364 shares, compared to its average volume of 205,852. The company has a current ratio of 4.59, a quick ratio of 3.50 and a debt-to-equity ratio of 0.49. BIO-TECHNE has a 12 month low of $125.84 and a 12 month high of $206.04. The stock has a market cap of $5.95 billion, a PE ratio of 39.40, a price-to-earnings-growth ratio of 2.77 and a beta of 1.05.
BIO-TECHNE (NASDAQ:TECH) last issued its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 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 firm had revenue of $163.00 million for the quarter, compared to analysts’ expectations of $162.34 million. During the same period in the previous year, the business earned $0.90 earnings per share. BIO-TECHNE’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, equities analysts predict that BIO-TECHNE will post 3.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Friday, November 9th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $1.28 dividend on an annualized basis and a yield of 0.81%. BIO-TECHNE’s dividend payout ratio is currently 31.45%.
A number of institutional investors and hedge funds have recently modified their holdings of TECH. Commonwealth Equity Services LLC increased its stake in BIO-TECHNE by 161.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 10,456 shares of the biotechnology company’s stock worth $1,547,000 after purchasing an additional 6,456 shares in the last quarter. Victory Capital Management Inc. grew its stake in BIO-TECHNE by 13.3% during the 2nd quarter. Victory Capital Management Inc. now owns 27,917 shares of the biotechnology company’s stock valued at $4,130,000 after acquiring an additional 3,282 shares in the last quarter. Virginia Retirement Systems ET AL grew its stake in BIO-TECHNE by 273.9% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 8,600 shares of the biotechnology company’s stock valued at $1,272,000 after acquiring an additional 6,300 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in BIO-TECHNE during the 2nd quarter valued at about $1,501,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in BIO-TECHNE by 22.3% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 24,856 shares of the biotechnology company’s stock valued at $3,678,000 after acquiring an additional 4,532 shares in the last quarter. 93.90% of the stock is currently owned by hedge funds and other institutional investors.
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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