BIO-TECHNE Corp Announces Quarterly Dividend of $0.32 (NASDAQ:TECH)
BIO-TECHNE Corp (NASDAQ:TECH) announced a quarterly dividend on Tuesday, August 6th, NASDAQ reports. Investors of record on Friday, August 16th will be paid a dividend of 0.32 per share by the biotechnology company on Friday, August 30th. This represents a $1.28 annualized dividend and a yield of 0.65%. The ex-dividend date is Thursday, August 15th.
BIO-TECHNE has a payout ratio of 32.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect BIO-TECHNE to earn $5.10 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 25.1%.
Shares of TECH opened at $197.20 on Wednesday. The company’s 50 day simple moving average is $207.65. The company has a market cap of $7.27 billion, a P/E ratio of 51.89, a PEG ratio of 4.12 and a beta of 1.17. BIO-TECHNE has a 12-month low of $132.75 and a 12-month high of $217.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.05 and a quick ratio of 3.15.
In related news, Director Robert V. Baumgartner bought 500 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average price of $191.06 per share, for a total transaction of $95,530.00. Following the acquisition, the director now owns 8,726 shares in the company, valued at $1,667,189.56. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles R. Kummeth sold 33,031 shares of BIO-TECHNE stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $212.60, for a total value of $7,022,390.60. The disclosure for this sale can be found here. Insiders have sold a total of 46,548 shares of company stock valued at $9,790,896 in the last 90 days. 3.80% of the stock is currently owned by company insiders.
Several analysts recently issued reports on TECH shares. Janney Montgomery Scott raised BIO-TECHNE from a “neutral” rating to a “buy” rating and lifted their target price for the company from $200.00 to $270.00 in a research note on Tuesday, July 2nd. ValuEngine cut BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. TheStreet cut BIO-TECHNE from a “b” rating to a “c+” rating in a report on Tuesday, August 6th. BidaskClub cut BIO-TECHNE from a “buy” rating to a “hold” rating in a report on Saturday, July 13th. Finally, Zacks Investment Research cut BIO-TECHNE from a “buy” rating to a “sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. BIO-TECHNE has an average rating of “Hold” and an average target price of $211.17.
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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