Bio-Techne (NASDAQ:TECH) Stock Breaks Above 200 Day Moving Average – Here’s Why

Bio-Techne Corp (NASDAQ:TECH)’s share price passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $63.46 and traded as high as $72.55. Bio-Techne shares last traded at $72.48, with a volume of 2,420,567 shares.

Wall Street Analyst Weigh In

TECH has been the subject of a number of research reports. Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Robert W. Baird lifted their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target on the stock. in a research report on Friday, June 26th. Citigroup lowered shares of Bio-Techne from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $70.00 to $73.00 in a report on Friday, June 26th. Finally, Wells Fargo & Company cut shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $68.92.

Bio-Techne Stock Performance

The firm has a fifty day simple moving average of $72.37 and a 200-day simple moving average of $63.60. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 63.06, a P/E/G ratio of 8.77 and a beta of 1.30.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period last year, the company earned $0.53 EPS. Analysts forecast that Bio-Techne Corp will post 1.73 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a $0.65 dividend. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, August 24th. Bio-Techne’s dividend payout ratio (DPR) is 27.83%.

Institutional Trading of Bio-Techne

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its holdings in Bio-Techne by 10.8% during the third quarter. AdvisorNet Financial Inc now owns 3,381 shares of the biotechnology company’s stock valued at $245,000 after purchasing an additional 330 shares during the period. ZWJ Investment Counsel Inc. raised its holdings in Bio-Techne by 4.8% in the third quarter. ZWJ Investment Counsel Inc. now owns 3,971 shares of the biotechnology company’s stock worth $288,000 after purchasing an additional 183 shares during the period. Mather Group LLC. boosted its position in shares of Bio-Techne by 189.1% during the third quarter. Mather Group LLC. now owns 1,009 shares of the biotechnology company’s stock worth $73,000 after purchasing an additional 660 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in Bio-Techne during the 3rd quarter worth $80,000. Finally, GAMMA Investing LLC lifted its holdings in Bio-Techne by 39.4% during the third quarter. GAMMA Investing LLC now owns 12,226 shares of the biotechnology company’s stock worth $886,000 after acquiring an additional 3,457 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research, diagnostic and bioprocessing products for the biotechnology and pharmaceutical industries, academic institutions, clinical laboratories and other healthcare organizations. Its portfolio supports research in areas such as cancer, immunology, neuroscience, cell biology and precision medicine.

The company provides proteins, antibodies, immunoassays, reagents, gene and cell therapy materials, and analytical instruments.