Bio-Techne Corp (NASDAQ:TECH) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Bio-Techne received a consensus “Hold” rating from 17 brokerages: 14 hold, two buy and one sell. The average 12-month price target is approximately $68.92.
• The company matched quarterly earnings expectations at $0.52 per share and exceeded revenue estimates with $321.19 million, up 1.3% year over year.
• Bio-Techne raised its quarterly dividend to $0.65, representing $2.60 annually and a 3.6% yield; institutional investors own 98.95% of the outstanding shares.

Shares of Bio-Techne Corp (NASDAQ:TECH - Get Free Report) have been assigned a consensus rating of "Hold" from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $68.9231.

TECH has been the topic of several research analyst reports. Citigroup downgraded shares of Bio-Techne from a "buy" rating to a "neutral" rating and raised their target price for the stock from $70.00 to $73.00 in a report on Friday, June 26th. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an "equal weight" rating in a report on Friday, June 26th. Benchmark downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Robert W. Baird raised their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Finally, Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a research report on Thursday, June 25th.

Bio-Techne Price Performance

NASDAQ:TECH opened at $72.40 on Monday. Bio-Techne has a 1 year low of $43.19 and a 1 year high of $72.43. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 62.96, a PEG ratio of 8.62 and a beta of 1.28. The stock has a 50-day moving average price of $67.40 and a two-hundred day moving average price of $59.26.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting analysts' consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The company had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same quarter last year, the firm posted $0.53 earnings per share. Bio-Techne's revenue was up 1.3% compared to the same quarter last year. As a group, equities analysts expect that Bio-Techne will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be paid a $0.65 dividend. 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%. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. Bio-Techne's dividend payout ratio (DPR) is 27.83%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TECH. Danske Bank A S bought a new stake in Bio-Techne in the 4th quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC bought a new position in shares of Bio-Techne during the 3rd quarter worth approximately $32,000. iSAM Funds UK Ltd acquired a new stake in shares of Bio-Techne in the third quarter valued at approximately $33,000. Avalon Trust Co bought a new stake in shares of Bio-Techne in the second quarter worth $42,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Bio-Techne in the fourth quarter worth $39,000. 98.95% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source