Bio-Techne (NASDAQ:TECH) Stock Price Breaks Above 200-Day Moving Average – What’s Next?

Bio-Techne Corp (NASDAQ:TECH)’s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $64.31 and traded as high as $72.64. Bio-Techne shares last traded at $72.64, with a volume of 3,497,684 shares traded.

Analyst Ratings Changes

TECH has been the subject of several research reports. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $62.00 to $73.00 in a research note on Thursday, August 13th. Citigroup lowered shares of Bio-Techne from a “buy” rating to a “neutral” rating and increased their target price for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Robert W. Baird boosted their price target on shares of Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. TD Cowen cut shares of Bio-Techne from a “buy” rating to a “hold” rating and upped their price target for the company from $65.00 to $73.00 in a research note on Monday, June 29th. Finally, Evercore cut shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $68.92.

Bio-Techne Trading Down 0.1%

The company has a market cap of $11.38 billion, a P/E ratio of 63.09, a PEG ratio of 8.97 and a beta of 1.30. The stock’s 50 day moving average is $72.42 and its 200-day moving average is $64.45. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. The business had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%. Bio-Techne’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 EPS. Research analysts anticipate that Bio-Techne Corp will post 1.70 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Stockholders of record on Monday, August 24th were paid a $0.65 dividend. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, August 24th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. Bio-Techne’s dividend payout ratio (DPR) is 27.83%.

Institutional Trading of Bio-Techne

A number of hedge funds have recently bought and sold shares of the company. S&CO Inc. bought a new position in shares of Bio-Techne in the 2nd quarter worth approximately $5,412,000. HBK Investments L P purchased a new stake in Bio-Techne during the second quarter valued at approximately $482,186,000. American Capital Management Inc. raised its position in Bio-Techne by 8.5% in the first quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company’s stock worth $53,364,000 after acquiring an additional 79,979 shares during the period. Maven Securities LTD bought a new position in Bio-Techne in the second quarter worth approximately $3,865,000. Finally, Squarepoint Ops LLC boosted its stake in shares of Bio-Techne by 2,094.5% during the 2nd quarter. Squarepoint Ops LLC now owns 91,268 shares of the biotechnology company’s stock worth $6,448,000 after acquiring an additional 87,109 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Company Profile

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.