Techne Corp. (NASDAQ:TECH) Receives $114.67 Average PT from Brokerages
Shares of Techne Corp. (NASDAQ:TECH) have been given an average recommendation of “Buy” by the seven research firms that are currently covering the company. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $114.67.
TECH has been the subject of several research analyst reports. Zacks Investment Research upgraded Techne Corp. from a “hold” rating to a “buy” rating and set a $128.00 price objective for the company in a research report on Wednesday, July 13th. Leerink Swann restated a “hold” rating on shares of Techne Corp. in a research report on Sunday, July 10th. Finally, Robert W. Baird boosted their target price on Techne Corp. from $115.00 to $116.00 and gave the stock an “outperform” rating in a research report on Thursday, August 18th.
In related news, SVP Kevin S. Gould sold 524 shares of Techne Corp. stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $110.50, for a total transaction of $57,902.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Higgins sold 1,700 shares of Techne Corp. stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $109.83, for a total value of $186,711.00. Following the sale, the director now directly owns 1,359 shares of the company’s stock, valued at $149,258.97. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several large investors have recently made changes to their positions in TECH. BlackRock Fund Advisors boosted its stake in shares of Techne Corp. by 2.5% in the first quarter. BlackRock Fund Advisors now owns 1,769,433 shares of the company’s stock worth $167,247,000 after buying an additional 43,591 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Techne Corp. by 2.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,108,243 shares of the company’s stock worth $104,751,000 after buying an additional 27,113 shares during the period. State Street Corp boosted its stake in shares of Techne Corp. by 2.0% in the first quarter. State Street Corp now owns 1,008,325 shares of the company’s stock worth $95,298,000 after buying an additional 19,409 shares during the period. Norges Bank bought a new stake in shares of Techne Corp. during the fourth quarter worth approximately $41,127,000. Finally, Wellington Management Group LLP boosted its stake in shares of Techne Corp. by 5.8% in the first quarter. Wellington Management Group LLP now owns 355,089 shares of the company’s stock worth $33,563,000 after buying an additional 19,424 shares during the period. 98.18% of the stock is owned by institutional investors and hedge funds.
Shares of Techne Corp. (NASDAQ:TECH) opened at 110.89 on Monday. The company has a 50-day moving average price of $107.84 and a 200 day moving average price of $105.72. Techne Corp. has a 52 week low of $79.95 and a 52 week high of $117.42. The stock has a market capitalization of $4.14 billion, a P/E ratio of 39.60 and a beta of 0.59.
Techne Corp. (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 17th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by $0.04. Techne Corp. had a net margin of 20.94% and a return on equity of 14.49%. The business earned $134.80 million during the quarter, compared to the consensus estimate of $129.23 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. Analysts forecast that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Monday, August 29th were paid a dividend of $0.32 per share. The ex-dividend date was Thursday, August 25th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.15%. Techne Corp.’s dividend payout ratio (DPR) is presently 45.71%.
About Techne Corp.
Bio-Techne Corporation (Bio-Techne), formerly Techne Corporation, develops, manufactures and sells biotechnology reagents, instruments and clinical diagnostic products around the world. The Company has three business segments: the Biotechnology, Clinical Controls and Protein Platforms divisions. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products around the world.
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