Bio-Techne Corp (TECH) Downgraded by BidaskClub to Hold
BidaskClub lowered shares of Bio-Techne Corp (NASDAQ:TECH) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
A number of other research firms have also recently issued reports on TECH. Deutsche Bank AG restated a buy rating and set a $122.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. Janney Montgomery Scott cut Bio-Techne Corp from a buy rating to a neutral rating in a report on Monday, March 27th. TheStreet upgraded Bio-Techne Corp from a c+ rating to a b rating in a report on Tuesday, May 2nd. Citigroup Inc. restated a buy rating and set a $125.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. Finally, Zacks Investment Research upgraded Bio-Techne Corp from a sell rating to a hold rating in a report on Saturday, May 6th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Bio-Techne Corp currently has a consensus rating of Buy and an average target price of $122.60.
Bio-Techne Corp (NASDAQ:TECH) opened at 111.97 on Tuesday. The company’s 50 day moving average price is $111.25 and its 200-day moving average price is $105.38. The company has a market cap of $4.18 billion, a P/E ratio of 60.23 and a beta of 0.83. Bio-Techne Corp has a one year low of $95.68 and a one year high of $117.42.
Bio-Techne Corp (NASDAQ:TECH) last announced its earnings results on Tuesday, May 2nd. The biotechnology company reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.04. Bio-Techne Corp had a return on equity of 13.80% and a net margin of 12.86%. The firm had revenue of $144.04 million during the quarter, compared to analysts’ expectations of $142.83 million. During the same quarter in the previous year, the business earned $1.01 EPS. The company’s quarterly revenue was up 10.0% on a year-over-year basis. On average, analysts forecast that Bio-Techne Corp will post $3.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 2nd. Investors of record on Friday, May 19th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date was Wednesday, May 17th. Bio-Techne Corp’s payout ratio is currently 68.82%.
In related news, Director Charles A. Dinarello sold 5,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $111.37, for a total transaction of $556,850.00. Following the completion of the transaction, the director now owns 12,473 shares in the company, valued at approximately $1,389,118.01. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 10,300 shares of company stock valued at $1,145,136. 2.70% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of TECH. BlackRock Inc. boosted its position in Bio-Techne Corp by 14,548.6% in the first quarter. BlackRock Inc. now owns 3,500,436 shares of the biotechnology company’s stock worth $355,820,000 after buying an additional 3,476,540 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Bio-Techne Corp by 4.7% in the first quarter. Vanguard Group Inc. now owns 3,005,690 shares of the biotechnology company’s stock worth $305,528,000 after buying an additional 134,138 shares during the period. Neuberger Berman Group LLC raised its stake in shares of Bio-Techne Corp by 18.4% in the first quarter. Neuberger Berman Group LLC now owns 1,900,495 shares of the biotechnology company’s stock worth $193,185,000 after buying an additional 295,802 shares during the period. Atlanta Capital Management Co. L L C raised its stake in shares of Bio-Techne Corp by 0.3% in the fourth quarter. Atlanta Capital Management Co. L L C now owns 1,227,596 shares of the biotechnology company’s stock worth $126,234,000 after buying an additional 3,085 shares during the period. Finally, State Street Corp raised its stake in shares of Bio-Techne Corp by 2.6% in the first quarter. State Street Corp now owns 989,661 shares of the biotechnology company’s stock worth $100,590,000 after buying an additional 25,182 shares during the period. Institutional investors own 96.91% of the company’s stock.
About Bio-Techne Corp
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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