Brokerages Set Bio-Techne Corp (NASDAQ:TECH) Target Price at $65.92

Shares of Bio-Techne Corp (NASDAQ:TECH) have been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $65.1667.

Several equities research analysts recently issued reports on TECH shares. Robert W. Baird set a $49.00 price objective on Bio-Techne in a research note on Thursday, May 7th. Zacks Research raised Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Royal Bank Of Canada set a $62.00 price objective on Bio-Techne and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Stifel Nicolaus set a $50.00 price objective on Bio-Techne in a research note on Thursday, May 7th. Finally, TD Cowen reissued a “buy” rating on shares of Bio-Techne in a research note on Tuesday, March 17th.

Institutional Investors Weigh In On Bio-Techne

Several hedge funds have recently bought and sold shares of TECH. Goldman Sachs Group Inc. lifted its stake in Bio-Techne by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock worth $62,379,000 after acquiring an additional 113,634 shares in the last quarter. Woodline Partners LP raised its stake in shares of Bio-Techne by 40.0% during the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock worth $783,000 after purchasing an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 562 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Bio-Techne by 1,085.7% during the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock worth $5,424,000 after purchasing an additional 96,527 shares in the last quarter. Finally, Natixis raised its stake in shares of Bio-Techne by 82.6% during the 2nd quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock worth $1,286,000 after purchasing an additional 11,306 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $51.99 on Wednesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. Bio-Techne has a 1-year low of $43.19 and a 1-year high of $72.16. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 75.35, a price-to-earnings-growth ratio of 4.97 and a beta of 1.37. The stock has a fifty day simple moving average of $52.01 and a 200 day simple moving average of $57.57.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data 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 business had revenue of $311.42 million during the quarter, compared to analysts’ expectations 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 earnings per share. Sell-side analysts forecast that Bio-Techne will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s dividend payout ratio is currently 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.