Zacks Investment Research cut shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a research report report published on Tuesday morning.
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 brokerages also recently commented on TECH. Argus upped their target price on shares of BIO-TECHNE from $210.00 to $230.00 and gave the company a buy rating in a research note on Tuesday, October 2nd. BidaskClub downgraded shares of BIO-TECHNE from a strong-buy rating to a buy rating in a research note on Thursday, October 4th. ValuEngine raised shares of BIO-TECHNE from a buy rating to a strong-buy rating in a research note on Tuesday, September 11th. Goldman Sachs Group began coverage on shares of BIO-TECHNE in a research note on Wednesday, October 17th. They issued a neutral rating and a $190.00 target price for the company. Finally, Citigroup upped their target price on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a buy rating in a research note on Thursday, August 9th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. BIO-TECHNE currently has a consensus rating of Buy and a consensus target price of $184.13.
BIO-TECHNE (NASDAQ:TECH) last issued its earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The firm had revenue of $163.00 million during the quarter, compared to the consensus estimate of $162.34 million. During the same quarter in the prior year, the firm earned $0.90 earnings per share. The business’s quarterly revenue was up 12.7% on a year-over-year basis. On average, sell-side analysts forecast that BIO-TECHNE will post 3.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Thursday, November 8th. BIO-TECHNE’s dividend payout ratio is 31.45%.
In other news, Director John L. Higgins sold 10,000 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now owns 13,012 shares of the company’s stock, valued at $2,445,215.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.80% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. FMR LLC bought a new stake in shares of BIO-TECHNE during the third quarter worth $225,000. American International Group Inc. boosted its holdings in BIO-TECHNE by 1.4% during the third quarter. American International Group Inc. now owns 76,914 shares of the biotechnology company’s stock worth $15,699,000 after purchasing an additional 1,092 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in BIO-TECHNE by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 510,911 shares of the biotechnology company’s stock worth $104,283,000 after purchasing an additional 5,467 shares during the last quarter. EAM Investors LLC acquired a new position in BIO-TECHNE during the third quarter worth $3,517,000. Finally, Alliancebernstein L.P. boosted its holdings in BIO-TECHNE by 86.4% during the third quarter. Alliancebernstein L.P. now owns 41,639 shares of the biotechnology company’s stock worth $8,499,000 after purchasing an additional 19,296 shares during the last quarter. 94.72% of the stock is owned by institutional investors.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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