BIO-TECHNE (TECH) Cut to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a report issued 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. “
A number of other analysts have also recently commented on the stock. ValuEngine upgraded shares of BIO-TECHNE from a buy rating to a strong-buy rating in a research note on Tuesday, September 11th. Goldman Sachs Group started coverage on shares of BIO-TECHNE in a research note on Wednesday, October 17th. They set a neutral rating and a $190.00 target price for the company. Craig Hallum raised their target price on shares of BIO-TECHNE from $160.00 to $215.00 and gave the stock a buy rating in a research note on Wednesday, August 8th. BidaskClub upgraded shares of BIO-TECHNE from a buy rating to a strong-buy rating in a research note on Saturday, July 28th. Finally, Robert W. Baird raised their target price on shares of BIO-TECHNE from $162.00 to $191.00 and gave the stock a positive rating in a research note on Wednesday, August 8th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $184.13.
BIO-TECHNE (NASDAQ:TECH) last announced its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.03. The firm had revenue of $163.00 million during the quarter, compared to analysts’ expectations of $162.34 million. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities research analysts anticipate that BIO-TECHNE will post 3.79 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Thursday, November 8th. BIO-TECHNE’s dividend payout ratio is presently 31.45%.
In other news, Director John L. Higgins sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now owns 13,012 shares in the company, valued at approximately $2,445,215.04. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.80% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in BIO-TECHNE by 9.0% during the second quarter. Tower Research Capital LLC TRC now owns 3,604 shares of the biotechnology company’s stock worth $533,000 after acquiring an additional 299 shares during the period. Brookstone Capital Management increased its position in BIO-TECHNE by 14.4% during the second quarter. Brookstone Capital Management now owns 3,378 shares of the biotechnology company’s stock worth $500,000 after acquiring an additional 426 shares during the period. Meeder Asset Management Inc. increased its position in BIO-TECHNE by 220.3% during the third quarter. Meeder Asset Management Inc. now owns 711 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 489 shares during the period. Swiss National Bank increased its position in BIO-TECHNE by 0.8% during the third quarter. Swiss National Bank now owns 65,511 shares of the biotechnology company’s stock worth $13,371,000 after acquiring an additional 500 shares during the period. Finally, LPL Financial LLC increased its position in BIO-TECHNE by 21.9% during the first quarter. LPL Financial LLC now owns 3,072 shares of the biotechnology company’s stock worth $458,000 after acquiring an additional 551 shares during the period. 94.72% of the stock is currently owned by institutional investors and hedge funds.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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