Bio-Techne Corp (NASDAQ:TECH) Stock Has Average Target Price of $68.92 According to Brokerages

Shares of Bio-Techne Corp (NASDAQ:TECH) have earned an average recommendation of “Hold” from the seventeen brokerages that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $68.92.

Several brokerages have commented on TECH. Evercore lowered shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings upgraded Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 25th. Finally, Wells Fargo & Company lowered shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $62.00 to $73.00 in a report on Thursday, August 13th.

Hedge Funds Weigh In On Bio-Techne

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Bio-Techne during the 2nd quarter valued at $990,924,000. HBK Investments L P purchased a new stake in Bio-Techne during the 2nd quarter valued at approximately $482,186,000. Maverick Capital Ltd. grew its holdings in Bio-Techne by 23.1% during the 1st quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock valued at $247,698,000 after buying an additional 888,798 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. increased its holdings in Bio-Techne by 131.4% in the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock valued at $177,266,000 after acquiring an additional 1,926,066 shares during the last quarter. Finally, Amundi lifted its stake in Bio-Techne by 2,426.8% in the 2nd quarter. Amundi now owns 1,827,241 shares of the biotechnology company’s stock worth $129,095,000 after purchasing an additional 1,754,926 shares in the last quarter. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $72.66 on Friday. The company’s fifty day simple moving average is $72.45 and its two-hundred day simple moving average is $63.28. Bio-Techne has a 12-month low of $43.19 and a 12-month high of $72.75. The firm has a market cap of $11.41 billion, a PE ratio of 63.18, a price-to-earnings-growth ratio of 5.28 and a beta of 1.30. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. The company had revenue of $321.19 million during 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 for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. As a group, equities analysts expect that Bio-Techne will post 1.75 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Monday, August 24th were given a $0.65 dividend. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, August 24th. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. Bio-Techne’s payout ratio is presently 27.83%.

Bio-Techne Company Profile

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.