Bio-Techne Corp (NASDAQ:TECH) Receives $68.08 Consensus Target Price from Brokerages

Bio-Techne Corp (NASDAQ:TECH) has received an average rating of “Hold” from the seventeen analysts that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $68.0769.

TECH has been the topic of several recent research reports. Benchmark cut Bio-Techne from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and boosted their target price for the company from $70.00 to $73.00 in a report on Friday, June 26th. William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company decreased their price target on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th.

Hedge Funds Weigh In On Bio-Techne

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Trust Asset Management LLC purchased a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $125,000. Tema ETFs LLC increased its position in Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company’s stock valued at $199,000 after buying an additional 145 shares in the last quarter. Fulton Bank N.A. raised its stake in Bio-Techne by 12.6% during the second quarter. Fulton Bank N.A. now owns 8,152 shares of the biotechnology company’s stock valued at $576,000 after buying an additional 913 shares during the last quarter. Czech National Bank raised its stake in Bio-Techne by 4.6% during the second quarter. Czech National Bank now owns 44,566 shares of the biotechnology company’s stock valued at $3,149,000 after buying an additional 1,957 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Bio-Techne in the second quarter worth $211,000. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.03 on Thursday. The stock’s 50 day simple moving average is $62.07 and its two-hundred day simple moving average is $58.94. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 104.39, a PEG ratio of 8.58 and a beta of 1.29. Bio-Techne has a fifty-two week low of $43.19 and a fifty-two week high of $72.37.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). The firm had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The firm’s revenue was down 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 EPS. As a group, analysts expect that Bio-Techne will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, May 18th. Bio-Techne’s dividend payout ratio is 46.38%.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.