William Blair Equities Analysts Increase Earnings Estimates for Bio-Techne Corp (TECH)
Bio-Techne Corp (NASDAQ:TECH) – Equities research analysts at William Blair increased their FY2019 EPS estimates for Bio-Techne Corp in a report released on Monday. William Blair analyst A. Murphy now expects that the biotechnology company will post earnings of $3.99 per share for the year, up from their prior forecast of $3.98.
Bio-Techne Corp (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.18%. The business had revenue of $156.60 million for the quarter, compared to analysts’ expectations of $150.25 million. During the same quarter in the previous year, the business posted $0.92 earnings per share. The business’s revenue was up 16.2% compared to the same quarter last year.
A number of other research analysts have also weighed in on TECH. Zacks Investment Research upgraded Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a report on Thursday, July 6th. Deutsche Bank AG restated a “buy” rating and issued a $122.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. BidaskClub lowered Bio-Techne Corp from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Wells Fargo & Company started coverage on Bio-Techne Corp in a report on Thursday, July 13th. They issued a “market perform” rating on the stock. Finally, TheStreet upgraded Bio-Techne Corp from a “c+” rating to a “b” rating in a report on Tuesday, May 2nd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $127.50.
Bio-Techne Corp (NASDAQ TECH) traded up 0.088% on Wednesday, reaching $120.045. 63,510 shares of the company’s stock were exchanged. The firm has a market cap of $4.48 billion, a PE ratio of 58.274 and a beta of 0.79. Bio-Techne Corp has a one year low of $95.68 and a one year high of $121.94. The firm has a 50 day moving average price of $116.88 and a 200 day moving average price of $110.05.
A number of hedge funds have recently modified their holdings of the stock. Lord Abbett & CO. LLC raised its stake in shares of Bio-Techne Corp by 51.8% in the second quarter. Lord Abbett & CO. LLC now owns 327,274 shares of the biotechnology company’s stock valued at $38,455,000 after buying an additional 111,629 shares during the period. WFG Advisors LP increased its position in Bio-Techne Corp by 11.8% in the second quarter. WFG Advisors LP now owns 5,686 shares of the biotechnology company’s stock valued at $668,000 after buying an additional 601 shares in the last quarter. Wasatch Advisors Inc. increased its position in Bio-Techne Corp by 6.6% in the second quarter. Wasatch Advisors Inc. now owns 7,169 shares of the biotechnology company’s stock valued at $842,000 after buying an additional 445 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in Bio-Techne Corp by 5.1% in the second quarter. Public Employees Retirement System of Ohio now owns 49,585 shares of the biotechnology company’s stock valued at $5,826,000 after buying an additional 2,395 shares in the last quarter. Finally, Koch Industries Inc. purchased a new position in Bio-Techne Corp during the second quarter valued at $286,000. Hedge funds and other institutional investors own 99.17% of the company’s stock.
In other Bio-Techne Corp news, Director Charles A. Dinarello sold 5,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $111.37, for a total value of $556,850.00. Following the transaction, the director now owns 12,473 shares in the company, valued at approximately $1,389,118.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 5,300 shares of company stock worth $591,328 in the last 90 days. 2.70% of the stock is currently owned by insiders.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $0.32 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.28 dividend on an annualized basis and a yield of 1.07%. Bio-Techne Corp’s payout ratio is currently 65.98%.
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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