Bio-Techne Corp (NASDAQ:TECH) Receives $68.92 Average Price Target from Brokerages

Shares of Bio-Techne Corp (NASDAQ:TECH) have been assigned a consensus rating of “Hold” from the seventeen ratings firms that are currently covering the firm, Marketbeat.com reports. Fifteen analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $68.9231.

TECH has been the topic of several recent research reports. Wells Fargo & Company cut Bio-Techne from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Zacks Research raised Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. Piper Sandler assumed coverage on Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price on the stock. Finally, William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th.

Bio-Techne Trading Up 0.1%

NASDAQ:TECH opened at $72.41 on Friday. The firm has a 50-day simple moving average of $72.10 and a 200-day simple moving average of $61.01. Bio-Techne has a one year low of $43.19 and a one year high of $72.62. The firm has a market cap of $11.36 billion, a P/E ratio of 62.97, a P/E/G ratio of 8.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne’s revenue was up 1.3% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. Equities analysts anticipate that Bio-Techne will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Monday, August 24th were paid a dividend of $0.65 per share. The ex-dividend date was Monday, August 24th. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. Bio-Techne’s payout ratio is presently 27.83%.

Hedge Funds Weigh In On Bio-Techne

Several hedge funds have recently made changes to their positions in the company. HBK Investments L P purchased a new position in Bio-Techne during the 2nd quarter worth approximately $482,186,000. WINTON GROUP Ltd purchased a new stake in shares of Bio-Techne in the 2nd quarter valued at $4,750,000. Engineers Gate Manager LP purchased a new stake in shares of Bio-Techne in the 2nd quarter valued at $2,105,000. SVB Wealth LLC acquired a new stake in shares of Bio-Techne in the second quarter worth $244,000. Finally, NorthRock Partners LLC acquired a new stake in shares of Bio-Techne in the second quarter worth $239,000. 98.95% of the stock is owned by institutional investors and hedge funds.

About Bio-Techne

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.