BIO-TECHNE (NASDAQ:TECH) Downgraded by Zacks Investment Research to “Sell”
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 analysts have also recently issued research reports about the company. TheStreet cut BIO-TECHNE from a b rating to a c+ rating in a research report on Tuesday, August 6th. Janney Montgomery Scott raised BIO-TECHNE from a neutral rating to a buy rating and boosted their price target for the stock from $200.00 to $270.00 in a research report on Tuesday, July 2nd. ValuEngine cut BIO-TECHNE from a strong-buy rating to a buy rating in a research report on Thursday, August 1st. Finally, BidaskClub cut BIO-TECHNE from a buy rating to a hold rating in a research report on Saturday, July 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $211.17.
BIO-TECHNE (NASDAQ:TECH) last announced its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.08. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. The company had revenue of $191.66 million during the quarter, compared to analysts’ expectations of $196.37 million. During the same quarter in the previous year, the firm earned $1.34 earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, research analysts expect that BIO-TECHNE will post 4.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a $0.32 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.65%. BIO-TECHNE’s dividend payout ratio is currently 33.68%.
In other news, CEO Charles R. Kummeth sold 33,031 shares of BIO-TECHNE stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $212.60, for a total value of $7,022,390.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Brenda S. Furlow sold 5,400 shares of BIO-TECHNE stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $200.00, for a total value of $1,080,000.00. Following the completion of the transaction, the senior vice president now owns 7,589 shares in the company, valued at $1,517,800. The disclosure for this sale can be found here. Insiders sold 46,548 shares of company stock valued at $9,790,896 in the last ninety days. Insiders own 3.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. increased its stake in BIO-TECHNE by 21.2% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 59,007 shares of the biotechnology company’s stock valued at $90,894,000 after acquiring an additional 10,304 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in BIO-TECHNE by 1.8% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 3,544 shares of the biotechnology company’s stock valued at $739,000 after acquiring an additional 61 shares during the period. Voloridge Investment Management LLC increased its stake in BIO-TECHNE by 326.9% during the second quarter. Voloridge Investment Management LLC now owns 22,502 shares of the biotechnology company’s stock valued at $4,691,000 after acquiring an additional 17,231 shares during the period. Zacks Investment Management bought a new position in BIO-TECHNE during the second quarter valued at about $1,525,000. Finally, Nuveen Asset Management LLC increased its stake in BIO-TECHNE by 6,323.4% during the second quarter. Nuveen Asset Management LLC now owns 126,091 shares of the biotechnology company’s stock valued at $26,289,000 after acquiring an additional 124,128 shares during the period. Institutional investors and hedge funds own 92.09% of the company’s stock.
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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