Bio-Techne (NASDAQ:TECH) Coverage Initiated at Wells Fargo & Company

Stock analysts at Wells Fargo & Company began coverage on shares of Bio-Techne (NASDAQ:TECH) in a report issued on Friday, Marketbeat reports. The brokerage set an “overweight” rating and a $59.00 price target on the biotechnology company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 21.90% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Scotiabank boosted their target price on Bio-Techne from $88.00 to $90.00 and gave the stock a “sector outperform” rating in a research report on Thursday, February 6th. Wall Street Zen raised Bio-Techne from a “hold” rating to a “buy” rating in a research report on Friday, May 16th. Evercore ISI began coverage on Bio-Techne in a research report on Tuesday, March 18th. They set an “outperform” rating and a $75.00 target price on the stock. Baird R W lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Benchmark dropped their price target on Bio-Techne from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Bio-Techne currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Bio-Techne Trading Up 0.1%

Shares of Bio-Techne stock opened at $48.40 on Friday. The business has a fifty day simple moving average of $50.85 and a 200-day simple moving average of $63.59. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 48.89, a price-to-earnings-growth ratio of 2.88 and a beta of 1.46. The company has a quick ratio of 2.77, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. Bio-Techne has a fifty-two week low of $46.01 and a fifty-two week high of $83.62.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The company had revenue of $316.18 million for the quarter, compared to analyst estimates of $317.92 million. Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. Bio-Techne’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.48 earnings per share. On average, equities analysts forecast that Bio-Techne will post 1.67 EPS for the current fiscal year.

Bio-Techne declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the biotechnology company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TECH. CX Institutional purchased a new position in Bio-Techne in the first quarter valued at about $27,000. AlphaQuest LLC purchased a new position in Bio-Techne in the first quarter valued at about $34,000. Itau Unibanco Holding S.A. purchased a new position in Bio-Techne in the fourth quarter valued at about $41,000. Federated Hermes Inc. purchased a new position in Bio-Techne in the first quarter valued at about $41,000. Finally, GeoWealth Management LLC purchased a new position in Bio-Techne in the fourth quarter valued at about $43,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.