Bio-Techne Corp (NASDAQ:TECH) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Bio-Techne has a consensus analyst rating of "Hold", based on coverage from 17 analysts: 1 sell, 13 hold, and 3 buy ratings. The average 12-month price target is about $68.08.
• The company recently reported quarterly earnings of $0.53 per share, missing expectations of $0.55, while revenue of $311.42 million also came in below estimates. Revenue declined 1.5% year over year.
• Bio-Techne shares opened at $71.78, near their 52-week high of $72.16, and the stock has a market value of $11.24 billion. The company also pays a quarterly dividend of $0.08 per share, equal to a 0.4% annual yield.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report) has been assigned an average recommendation of "Hold" from the seventeen analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $68.0769.

Several equities research analysts have weighed in on TECH shares. Leerink Partners set a $73.00 target price on shares of Bio-Techne in a research note on Thursday, June 25th. Benchmark lowered Bio-Techne from a "buy" rating to a "hold" rating in a report on Tuesday, June 30th. Piper Sandler started coverage on Bio-Techne in a report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price objective for the company. Weiss Ratings raised Bio-Techne from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, May 7th. Finally, William Blair downgraded Bio-Techne from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 25th.

Bio-Techne Stock Performance

Shares of Bio-Techne stock opened at $71.78 on Thursday. The company has a market capitalization of $11.24 billion, a PE ratio of 104.03, a P/E/G ratio of 8.53 and a beta of 1.29. The company has a 50-day simple moving average of $59.38 and a two-hundred day simple moving average of $58.65. Bio-Techne has a one year low of $43.19 and a one year high of $72.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The firm had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The firm's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.56 earnings per share. Research analysts expect that Bio-Techne will post 1.65 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Bio-Techne's payout ratio is presently 46.38%.

Hedge Funds Weigh In On Bio-Techne

Hedge funds and other institutional investors have recently modified their holdings of the stock. Impax Asset Management Group plc purchased a new stake in shares of Bio-Techne during the fourth quarter valued at $11,468,000. Border to Coast Pensions Partnership Ltd purchased a new position in Bio-Techne in the 4th quarter worth $15,023,000. Comerica Bank lifted its position in Bio-Techne by 56.4% during the 4th quarter. Comerica Bank now owns 105,481 shares of the biotechnology company's stock worth $6,203,000 after acquiring an additional 38,031 shares during the period. Principal Financial Group Inc. lifted its position in Bio-Techne by 316.7% during the 4th quarter. Principal Financial Group Inc. now owns 703,477 shares of the biotechnology company's stock worth $41,373,000 after acquiring an additional 534,676 shares during the period. Finally, Nicholas Company Inc. grew its stake in Bio-Techne by 6.5% during the 4th quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company's stock valued at $22,983,000 after purchasing an additional 23,785 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

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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