Bio-Techne Corp (NASDAQ:TECH) Receives $68.07 Average PT from Analysts

Bio-Techne Corp (NASDAQ:TECH) has been given an average recommendation of “Hold” by the eighteen brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $67.7857.

TECH has been the topic of several recent research reports. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the stock an “equal weight” rating in a research note on Friday, June 26th. Evercore raised Bio-Techne from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 25th. Royal Bank Of Canada set a $62.00 target price on shares of Bio-Techne and gave the stock an “outperform” rating in a research report on Thursday, May 14th. Robert W. Baird increased their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Piper Sandler initiated coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective for the company.

Hedge Funds Weigh In On Bio-Techne

A number of large investors have recently bought and sold shares of the business. Morgan Stanley grew its holdings in shares of Bio-Techne by 15.3% in the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after purchasing an additional 1,107,536 shares during the last quarter. State Street Corp boosted its holdings in shares of Bio-Techne by 1.0% in the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock valued at $341,806,000 after buying an additional 58,639 shares in the last quarter. Wellington Management Group LLP boosted its stake in Bio-Techne by 12.1% in the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock valued at $337,219,000 after acquiring an additional 618,916 shares in the last quarter. Maverick Capital Ltd. grew its stake 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 worth $247,698,000 after buying an additional 888,798 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Bio-Techne by 21.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,075,194 shares of the biotechnology company’s stock worth $239,663,000 after acquiring an additional 725,050 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of NASDAQ:TECH opened at $70.83 on Friday. The firm has a market cap of $11.09 billion, a price-to-earnings ratio of 102.65, a price-to-earnings-growth ratio of 8.46 and a beta of 1.29. The business has a 50-day simple moving average of $53.88 and a two-hundred day simple moving average of $57.38. Bio-Techne has a fifty-two week low of $43.19 and a fifty-two week high of $72.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). The company had revenue of $311.42 million during the quarter, compared to analysts’ expectations 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 prior year, the business posted $0.56 EPS. On average, analysts expect that Bio-Techne will post 1.65 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Bio-Techne’s payout ratio is currently 46.38%.

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.