Bio-Techne (NASDAQ:TECH) Downgraded by Wall Street Zen to Hold

Bio-Techne (NASDAQ:TECH) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

Other analysts have also issued research reports about the company. UBS Group dropped their price objective on Bio-Techne from $95.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 9th. KeyCorp reaffirmed a “sector weight” rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Wells Fargo & Company assumed coverage on Bio-Techne in a research note on Friday, May 30th. They issued an “overweight” rating and a $59.00 price target for the company. Stifel Nicolaus lowered their price objective on Bio-Techne from $75.00 to $60.00 and set a “hold” rating for the company in a research report on Thursday, May 8th. Finally, Evercore ISI assumed coverage on Bio-Techne in a research report on Tuesday, March 18th. They set an “outperform” rating and a $75.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Bio-Techne has a consensus rating of “Hold” and a consensus target price of $72.00.

Bio-Techne Trading Up 2.4%

Shares of TECH opened at $49.88 on Friday. The company has a quick ratio of 2.77, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. The business’s 50-day moving average price is $49.68 and its 200-day moving average price is $62.70. The stock has a market cap of $7.82 billion, a PE ratio of 50.38, a P/E/G ratio of 2.88 and a beta of 1.38. Bio-Techne has a twelve month low of $46.01 and a twelve month high of $83.62.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. Bio-Techne had a net margin of 13.22% and a return on equity of 12.73%. The business had revenue of $316.18 million for the quarter, compared to analysts’ expectations of $317.92 million. During the same period last year, the business earned $0.48 earnings per share. The business’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Bio-Techne will post 1.67 EPS for the current fiscal year.

Bio-Techne announced that its board has approved a stock repurchase program on Wednesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Bio-Techne

Several large investors have recently bought and sold shares of the business. First Hawaiian Bank increased its holdings in Bio-Techne by 6.1% in the 1st quarter. First Hawaiian Bank now owns 5,152 shares of the biotechnology company’s stock worth $302,000 after buying an additional 298 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of Bio-Techne during the 1st quarter valued at about $281,000. Bayforest Capital Ltd purchased a new position in Bio-Techne in the 1st quarter worth approximately $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Bio-Techne by 2.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 944,327 shares of the biotechnology company’s stock worth $55,366,000 after purchasing an additional 19,606 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock worth $783,000 after purchasing an additional 3,814 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.