Bio-Techne (NASDAQ:TECH) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Bio-Techne to “Hold” from “Strong Sell.” The broader analyst consensus is also “Hold,” with two Buy ratings and 15 Hold ratings and an average price target of $68.92.
• Bio-Techne reported quarterly EPS of $0.52, matching estimates, while revenue of $321.19 million exceeded expectations and increased 1.3% year over year.
• The stock opened at $72.38, near its 52-week high of $72.62, and institutional investors own approximately 98.95% of outstanding shares.

Bio-Techne (NASDAQ:TECH - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on TECH. TD Cowen cut Bio-Techne from a "buy" rating to a "hold" rating and upped their price target for the stock from $65.00 to $73.00 in a research note on Monday, June 29th. Royal Bank Of Canada lowered Bio-Techne from an "outperform" rating to a "sector perform" rating and raised their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Wells Fargo & Company downgraded shares of Bio-Techne from an "overweight" rating to an "equal weight" rating and upped their target price for the stock from $62.00 to $73.00 in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft lowered 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 note on Friday, June 26th. Finally, Benchmark reissued a "hold" rating on shares of Bio-Techne in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $68.92.

Bio-Techne Stock Performance

Shares of TECH opened at $72.38 on Tuesday. The company has a 50-day simple moving average of $70.28 and a two-hundred day simple moving average of $59.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The firm has a market capitalization of $11.35 billion, a PE ratio of 62.94, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. Bio-Techne has a one year low of $43.19 and a one year high of $72.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted 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 firm had revenue of $321.19 million for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business earned $0.53 EPS. On average, analysts anticipate that Bio-Techne will post 1.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Bio-Techne

Large investors have recently modified their holdings of the stock. Amundi grew its position in Bio-Techne by 2,426.8% during the 2nd quarter. Amundi now owns 1,827,241 shares of the biotechnology company's stock valued at $129,095,000 after purchasing an additional 1,754,926 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Bio-Techne during the 2nd quarter valued at $728,000. California State Teachers Retirement System lifted its position in shares of Bio-Techne by 6,800.5% in the second quarter. California State Teachers Retirement System now owns 12,708,310 shares of the biotechnology company's stock valued at $897,842,000 after acquiring an additional 12,524,146 shares in the last quarter. Blalock Williams LLC grew its holdings in Bio-Techne by 11.3% during the 2nd quarter. Blalock Williams LLC now owns 7,516 shares of the biotechnology company's stock valued at $531,000 after buying an additional 764 shares in the last quarter. Finally, NEOS Investment Management LLC increased its holdings in Bio-Techne by 14.5% in the 2nd quarter. NEOS Investment Management LLC now owns 25,373 shares of the biotechnology company's stock valued at $1,793,000 after acquiring an additional 3,212 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.

About Bio-Techne

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.

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