Bio-Techne Corp (TECH) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Bio-Techne Corp (NASDAQ:TECH) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
Other equities research analysts have also recently issued reports about the stock. TheStreet raised shares of Bio-Techne Corp from a c+ rating to a b rating in a research report on Tuesday, May 2nd. Deutsche Bank AG boosted their price objective on shares of Bio-Techne Corp from $130.00 to $132.00 and gave the company a buy rating in a research report on Wednesday, August 9th. Citigroup Inc. reissued a buy rating and issued a $125.00 price objective (up from $115.00) on shares of Bio-Techne Corp in a research report on Wednesday, May 3rd. BidaskClub raised shares of Bio-Techne Corp from a hold rating to a buy rating in a research report on Tuesday, June 27th. Finally, Wells Fargo & Company started coverage on shares of Bio-Techne Corp in a research report on Thursday, July 13th. They issued a market perform rating for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $125.20.
Bio-Techne Corp (NASDAQ TECH) opened at 118.28 on Tuesday. Bio-Techne Corp has a 52 week low of $95.68 and a 52 week high of $121.94. The firm’s 50 day moving average is $116.60 and its 200-day moving average is $109.43. The company has a market cap of $4.42 billion, a P/E ratio of 57.42 and a beta of 0.79.
Bio-Techne Corp (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.10. The company had revenue of $156.60 million during the quarter, compared to analysts’ expectations of $150.25 million. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.18%. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 EPS. On average, analysts predict that Bio-Techne Corp will post $3.99 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a $0.32 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.28 annualized dividend and a dividend yield of 1.09%. Bio-Techne Corp’s payout ratio is presently 65.98%.
In other news, Director Charles A. Dinarello sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $111.37, for a total value of $556,850.00. Following the completion of the sale, the director now owns 12,473 shares of the company’s stock, valued at approximately $1,389,118.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 10,300 shares of company stock valued at $1,147,078 in the last ninety days. Corporate insiders own 2.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Israel Discount Bank of New York acquired a new stake in shares of Bio-Techne Corp during the first quarter valued at $105,000. Flinton Capital Management LLC boosted its stake in shares of Bio-Techne Corp by 10.0% in the first quarter. Flinton Capital Management LLC now owns 1,056 shares of the biotechnology company’s stock valued at $107,000 after buying an additional 96 shares during the last quarter. Meadow Creek Investment Management LLC boosted its stake in shares of Bio-Techne Corp by 10.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,452 shares of the biotechnology company’s stock valued at $148,000 after buying an additional 132 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Bio-Techne Corp by 12.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,456 shares of the biotechnology company’s stock valued at $171,000 after buying an additional 163 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its stake in shares of Bio-Techne Corp by 49.9% in the first quarter. LS Investment Advisors LLC now owns 1,712 shares of the biotechnology company’s stock valued at $174,000 after buying an additional 570 shares during the last quarter. 99.17% of the stock is owned by hedge funds and other institutional investors.
About Bio-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.
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