Bio-Techne Corp (TECH) Given Consensus Rating of “Buy” by Analysts
Bio-Techne Corp (NASDAQ:TECH) has been given a consensus rating of “Buy” by the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $126.33.
TECH has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Bio-Techne Corp from a “buy” rating to a “hold” rating in a research note on Tuesday, August 15th. BidaskClub upgraded shares of Bio-Techne Corp from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Wells Fargo & Company initiated coverage on shares of Bio-Techne Corp in a research note on Thursday, July 13th. They set a “market perform” rating on the stock. Finally, Deutsche Bank AG set a $132.00 target price on shares of Bio-Techne Corp and gave the stock a “buy” rating in a research note on Wednesday, August 30th.
In other Bio-Techne Corp news, Director Karen A. Holbrook sold 1,059 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $121.73, for a total transaction of $128,912.07. Following the completion of the sale, the director now directly owns 914 shares of the company’s stock, valued at approximately $111,261.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 1,359 shares of company stock valued at $164,122. Insiders own 2.70% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in TECH. BlackRock Inc. grew its holdings in Bio-Techne Corp by 14,548.6% during the 1st quarter. BlackRock Inc. now owns 3,500,436 shares of the biotechnology company’s stock valued at $355,820,000 after buying an additional 3,476,540 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Bio-Techne Corp by 334.3% during the 2nd quarter. Janus Henderson Group PLC now owns 1,188,108 shares of the biotechnology company’s stock valued at $139,603,000 after buying an additional 914,554 shares in the last quarter. American Century Companies Inc. grew its holdings in Bio-Techne Corp by 174.8% during the 2nd quarter. American Century Companies Inc. now owns 731,589 shares of the biotechnology company’s stock valued at $85,962,000 after buying an additional 465,398 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in Bio-Techne Corp by 18.4% during the 1st quarter. Neuberger Berman Group LLC now owns 1,900,495 shares of the biotechnology company’s stock valued at $193,185,000 after buying an additional 295,802 shares in the last quarter. Finally, Koch Industries Inc. purchased a new stake in Bio-Techne Corp during the 2nd quarter valued at approximately $286,000. 98.77% of the stock is owned by institutional investors and hedge funds.
Bio-Techne Corp (TECH) opened at 121.58 on Friday. The stock has a market cap of $4.54 billion, a PE ratio of 59.89 and a beta of 0.78. Bio-Techne Corp has a 52 week low of $95.68 and a 52 week high of $124.00. The company’s 50-day moving average is $118.96 and its 200 day moving average is $111.92.
Bio-Techne Corp (NASDAQ:TECH) last released its earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.19%. The company had revenue of $156.60 million for the quarter, compared to analysts’ expectations of $150.25 million. During the same quarter last year, the business earned $0.92 EPS. The firm’s revenue was up 16.2% compared to the same quarter last year. On average, analysts expect that Bio-Techne Corp will post $3.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Wednesday, August 16th. Bio-Techne Corp’s payout ratio is 65.98%.
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About Bio-Techne Corp
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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