Bio-Techne Corp (NASDAQ:TECH) Given Consensus Recommendation of "Hold" by Analysts

Shares of Bio-Techne Corp (NASDAQ:TECH - Get Free Report) have earned an average recommendation of "Hold" from the eleven brokerages that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $72.00.

A number of brokerages recently issued reports on TECH. Citigroup cut their price objective on Bio-Techne from $80.00 to $70.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Robert W. Baird downgraded Bio-Techne from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $88.00 to $68.00 in a research note on Wednesday, February 19th. Wells Fargo & Company began coverage on Bio-Techne in a research note on Friday, May 30th. They set an "overweight" rating and a $59.00 price objective for the company. KeyCorp reiterated a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Finally, UBS Group dropped their price target on Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 9th.

Institutional Trading of Bio-Techne

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC raised its holdings in Bio-Techne by 32.2% during the 1st quarter. Voya Investment Management LLC now owns 581,136 shares of the biotechnology company's stock valued at $34,072,000 after buying an additional 141,548 shares during the period. First Hawaiian Bank raised its holdings in Bio-Techne by 6.1% during the 1st quarter. First Hawaiian Bank now owns 5,152 shares of the biotechnology company's stock valued at $302,000 after buying an additional 298 shares during the period. Plato Investment Management Ltd purchased a new stake in Bio-Techne during the 1st quarter valued at $281,000. Bayforest Capital Ltd purchased a new stake in Bio-Techne during the 1st quarter valued at $268,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Bio-Techne by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 944,327 shares of the biotechnology company's stock valued at $55,366,000 after buying an additional 19,606 shares during the period. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Performance

Shares of NASDAQ TECH traded up $0.63 during midday trading on Wednesday, hitting $50.13. 2,164,697 shares of the company's stock traded hands, compared to its average volume of 1,423,626. Bio-Techne has a 1 year low of $46.01 and a 1 year high of $83.62. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 61.13, a price-to-earnings-growth ratio of 2.65 and a beta of 1.38. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.58 and a current ratio of 3.71. The firm has a fifty day moving average of $49.53 and a 200 day moving average of $61.52.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. The company had revenue of $316.18 million during the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The firm's revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 EPS. On average, analysts forecast that Bio-Techne will post 1.67 earnings per share for the current year.

Bio-Techne announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the biotechnology company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were issued a dividend of $0.08 per share. The ex-dividend date was Monday, May 19th. This represents a $0.32 annualized dividend and a dividend yield of 0.64%. Bio-Techne's dividend payout ratio (DPR) is 39.02%.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.