Bio-Techne (NASDAQ:TECH) Sets New 1-Year High – Here’s Why

Bio-Techne Corp (NASDAQ:TECH)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $72.16 and last traded at $72.1120, with a volume of 5289983 shares traded. The stock had previously closed at $71.62.

Analysts Set New Price Targets

TECH has been the subject of several research reports. William Blair lowered shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research report on Friday, June 26th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their target price for the company from $62.00 to $73.00 in a report on Thursday, July 9th. Evercore cut shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Bio-Techne presently has an average rating of “Hold” and a consensus price target of $68.08.

Bio-Techne Price Performance

The firm has a 50 day moving average of $62.07 and a 200-day moving average of $58.94. The company has a market cap of $11.28 billion, a P/E ratio of 104.39, a P/E/G ratio of 8.58 and a beta of 1.29. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 earnings per share. On average, equities research analysts predict that Bio-Techne Corp will post 1.65 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.08 per share. The ex-dividend date was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Bio-Techne’s dividend payout ratio is currently 46.38%.

Institutional Trading of Bio-Techne

A number of institutional investors and hedge funds have recently bought and sold shares of TECH. Trust Asset Management LLC bought a new position in shares of Bio-Techne during the 2nd quarter valued at about $125,000. Tema ETFs LLC increased its holdings in shares of Bio-Techne by 5.4% in the second quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company’s stock worth $199,000 after purchasing an additional 145 shares during the last quarter. Fulton Bank N.A. lifted its position in shares of Bio-Techne by 12.6% in the second quarter. Fulton Bank N.A. now owns 8,152 shares of the biotechnology company’s stock worth $576,000 after buying an additional 913 shares in the last quarter. Czech National Bank boosted its stake in Bio-Techne by 4.6% during the second quarter. Czech National Bank now owns 44,566 shares of the biotechnology company’s stock valued at $3,149,000 after buying an additional 1,957 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Bio-Techne during the second quarter valued at approximately $211,000. 98.95% of the stock is currently owned by institutional investors.

About Bio-Techne

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.