Bio-Techne Corp (NASDAQ:TECH) Plans Quarterly Dividend of $0.08

Key Points

• Bio-Techne Corp has declared a quarterly dividend of $0.08 per share, to be paid on August 29th to stockholders of record on August 18th, resulting in an annualized dividend yield of 0.6%.
• The company's dividend payout ratio is 15.4%, indicating that earnings sufficiently cover the dividend, with future projections showing a slight increase to a payout ratio of 16.2% next year.
• Following recent trading, Bio-Techne's stock price fell by 9.5%, reaching $49.46, with a market cap of $7.75 billion and a PE ratio of 60.22.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report) declared a quarterly dividend on Friday, August 8th, RTT News reports. Shareholders of record on Monday, August 18th will be paid a dividend of 0.08 per share by the biotechnology company on Friday, August 29th. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, August 18th.

Bio-Techne has a payout ratio of 15.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bio-Techne to earn $1.97 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 16.2%.

Bio-Techne Stock Performance

Shares of TECH stock traded up $0.27 during midday trading on Friday, hitting $50.42. The company had a trading volume of 1,898,099 shares, compared to its average volume of 2,430,930. The company's 50 day simple moving average is $52.31 and its 200 day simple moving average is $56.23. Bio-Techne has a 52-week low of $46.01 and a 52-week high of $80.95. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 109.61, a PEG ratio of 2.40 and a beta of 1.40. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.58.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%. The company had revenue of $316.96 million for the quarter, compared to the consensus estimate of $315.14 million. During the same period last year, the business posted $0.49 EPS. The company's revenue was up 3.6% on a year-over-year basis. Research analysts anticipate that Bio-Techne will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bio-Techne

Hedge funds and other institutional investors have recently bought and sold shares of the company. CX Institutional acquired a new position in Bio-Techne during the first quarter worth $27,000. Allworth Financial LP raised its holdings in Bio-Techne by 68.1% during the second quarter. Allworth Financial LP now owns 612 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 248 shares during the last quarter. AlphaQuest LLC acquired a new position in Bio-Techne during the first quarter worth $34,000. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne during the fourth quarter worth $41,000. Finally, Federated Hermes Inc. acquired a new position in Bio-Techne during the first quarter worth $41,000. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Company Profile

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.