Zacks Investment Research lowered shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a research note published on Tuesday.
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 analysts have also recently weighed in on TECH. BidaskClub upgraded BIO-TECHNE from a hold rating to a buy rating in a report on Wednesday, August 23rd. Deutsche Bank set a $132.00 price objective on BIO-TECHNE and gave the company a buy rating in a report on Wednesday, August 30th. Citigroup reiterated a buy rating and set a $115.00 price objective (down previously from $125.00) on shares of BIO-TECHNE in a report on Tuesday, October 24th. Finally, Leerink Swann reiterated a buy rating on shares of BIO-TECHNE in a report on Tuesday, December 5th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $135.00.
BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, October 31st. The biotechnology company reported $0.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.08. BIO-TECHNE had a return on equity of 14.11% and a net margin of 12.54%. The business had revenue of $144.61 million for the quarter, compared to analysts’ expectations of $142.37 million. During the same quarter in the previous year, the business posted $0.84 EPS. BIO-TECHNE’s revenue for the quarter was up 10.7% on a year-over-year basis. equities analysts anticipate that BIO-TECHNE will post 3.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, November 9th. BIO-TECHNE’s payout ratio is 66.32%.
In other BIO-TECHNE news, Director Robert V. Baumgartner sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $130.18, for a total value of $650,900.00. Following the sale, the director now owns 12,712 shares in the company, valued at approximately $1,654,848.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. California Public Employees Retirement System increased its position in shares of BIO-TECHNE by 2.8% during the 3rd quarter. California Public Employees Retirement System now owns 71,993 shares of the biotechnology company’s stock worth $8,703,000 after purchasing an additional 1,993 shares during the last quarter. Bamco Inc. NY increased its position in shares of BIO-TECHNE by 1.4% during the 3rd quarter. Bamco Inc. NY now owns 1,520,228 shares of the biotechnology company’s stock worth $183,780,000 after purchasing an additional 20,286 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of BIO-TECHNE during the 3rd quarter worth approximately $390,000. Zions Bancorporation acquired a new position in shares of BIO-TECHNE during the 3rd quarter worth approximately $178,000. Finally, Jane Street Group LLC acquired a new position in shares of BIO-TECHNE during the 3rd quarter worth approximately $310,000. Hedge funds and other institutional investors own 96.96% of the company’s stock.
BIO-TECHNE Company Profile
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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