Bio-Techne (NASDAQ:TECH) Cut to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Bio-Techne (NASDAQ:TECH) from an overweight rating to an equal weight rating in a report released on Thursday, MarketBeat Ratings reports. They currently have $73.00 price objective on the biotechnology company’s stock, up from their previous price objective of $62.00.

TECH has been the subject of a number of other research reports. Zacks Research lowered shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Evercore lowered shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft cut shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research report on Friday, June 26th. Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and raised their price target for the company from $70.00 to $73.00 in a research note on Friday, June 26th. Finally, Royal Bank Of Canada lowered shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price target for the stock from $62.00 to $73.00 in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Price Performance

Shares of TECH opened at $72.40 on Thursday. The company has a quick ratio of 3.18, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The stock has a market cap of $11.34 billion, a PE ratio of 62.96, a PEG ratio of 8.62 and a beta of 1.28. Bio-Techne has a 12-month low of $43.19 and a 12-month high of $72.43. The business has a 50-day simple moving average of $67.40 and a two-hundred day simple moving average of $59.31.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $321.19 million for 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%.The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share. Analysts anticipate that Bio-Techne will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 24th will be given a $0.65 dividend. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne’s dividend payout ratio is 27.83%.

Institutional Investors Weigh In On Bio-Techne

Institutional investors and hedge funds have recently made changes to their positions in the business. Tema ETFs LLC boosted its holdings in shares of Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company’s stock worth $199,000 after buying an additional 145 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Bio-Techne by 2.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company’s stock valued at $341,000 after acquiring an additional 153 shares in the last quarter. Accredited Investors Inc. lifted its position in shares of Bio-Techne by 2.7% during the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company’s stock valued at $356,000 after acquiring an additional 161 shares during the period. Oppenheimer & Co. Inc. lifted its position in shares of Bio-Techne by 3.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company’s stock valued at $315,000 after acquiring an additional 181 shares during the period. Finally, Bryn Mawr Trust Advisors LLC lifted its position in shares of Bio-Techne by 5.1% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company’s stock valued at $208,000 after acquiring an additional 194 shares during the period. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.