Leerink Swann initiated coverage on shares of Techne Corp. (NASDAQ:TECH) in a report issued on Thursday morning. The brokerage issued an outperform rating and a $122.00 target price on the stock.

A number of other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Techne Corp. from a hold rating to a sell rating in a report on Friday, August 26th. Robert W. Baird lifted their price objective on shares of Techne Corp. from $115.00 to $116.00 and gave the company an outperform rating in a report on Thursday, August 18th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and an average target price of $121.00.

Shares of Techne Corp. (NASDAQ:TECH) opened at 106.55 on Thursday. The firm has a 50-day moving average of $105.48 and a 200-day moving average of $107.89. The company has a market capitalization of $3.97 billion, a P/E ratio of 40.68 and a beta of 0.72. Techne Corp. has a one year low of $79.95 and a one year high of $117.42.

Techne Corp. (NASDAQ:TECH) last posted its quarterly earnings data on Monday, October 31st. The company reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.05. Techne Corp. had a net margin of 18.96% and a return on equity of 14.40%. The company had revenue of $130.60 million for the quarter, compared to the consensus estimate of $127.47 million. During the same period last year, the company earned $0.79 earnings per share. The firm’s revenue was up 16.2% compared to the same quarter last year. Equities research analysts expect that Techne Corp. will post $3.64 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 28th. Investors of record on Monday, November 14th will be issued a dividend of $0.32 per share. The ex-dividend date is Wednesday, November 9th. This represents a $1.28 dividend on an annualized basis and a yield of 1.20%. Techne Corp.’s payout ratio is 48.85%.

In related news, Director Robert V. Baumgartner sold 3,533 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $107.10, for a total transaction of $378,384.30. Following the transaction, the director now directly owns 9,592 shares in the company, valued at $1,027,303.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin S. Gould sold 524 shares of the business’s 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 disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

A number of institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC purchased a new position in shares of Techne Corp. during the second quarter worth $35,169,000. Emerald Acquisition Ltd. purchased a new position in shares of Techne Corp. during the second quarter worth $16,695,000. Aperio Group LLC increased its position in shares of Techne Corp. by 228.2% in the third quarter. Aperio Group LLC now owns 46,582 shares of the company’s stock worth $5,101,000 after buying an additional 32,389 shares during the last quarter. Quantum Capital Management increased its position in shares of Techne Corp. by 22.2% in the first quarter. Quantum Capital Management now owns 175,486 shares of the company’s stock worth $16,586,000 after buying an additional 31,920 shares during the last quarter. Finally, Wellington Management Group LLP increased its position 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 last quarter. Institutional investors and hedge funds own 98.28% of the company’s stock.

About 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.

5 Day Chart for NASDAQ:TECH

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