Bio-Techne Corp (NASDAQ:TECH) to Issue Dividend Increase - $0.65 Per Share

Key Points

• Bio-Techne raised its quarterly dividend to $0.65 per share, up 712.5% from $0.08. Shareholders of record on September 4 will be paid on September 24, with a dividend yield of approximately 3.6%.
• The company’s latest quarterly results matched expectations, with EPS of $0.52 and revenue of $321.19 million, up 1.3% year over year. Its low payout ratio indicates the increased dividend remains covered by earnings.
• Bio-Techne shares opened at $72.23, near their 12-month high, while analysts’ consensus rating remained “Hold” with an average price target of $68.08.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report) announced a quarterly dividend on Wednesday, August 12th. Investors of record on Friday, September 4th will be paid a dividend of 0.65 per share by the biotechnology company on Thursday, September 24th. This represents a c) annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, September 4th. This is a 712.5% increase from Bio-Techne's previous quarterly dividend of $0.08.

Bio-Techne has a payout ratio of 15.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bio-Techne to earn $1.76 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 18.2%.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.23 on Thursday. Bio-Techne has a twelve month low of $43.19 and a twelve month high of $72.39. The firm has a market cap of $11.31 billion, a P/E ratio of 104.68, a PEG ratio of 8.59 and a beta of 1.28. The company has a 50 day moving average of $66.61 and a 200 day moving average of $59.19. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. The business 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 13.57% and a net margin of 9.05%.The company's revenue was up 1.3% compared to the same quarter last year. During the same period last year, the business posted $0.53 EPS. As a group, research analysts expect that Bio-Techne will post 1.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Zacks Research downgraded Bio-Techne from a "hold" rating to a "strong sell" rating in a report on Monday, June 8th. Leerink Partners set a $73.00 price objective on Bio-Techne in a report on Thursday, June 25th. Wells Fargo & Company decreased their target price on Bio-Techne from $76.00 to $62.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. Stephens set a $73.00 target price on shares of Bio-Techne and gave the company an "equal weight" rating in a research note on Friday, June 26th. Finally, TD Cowen cut shares of Bio-Techne from a "buy" rating to a "hold" rating and upped their target price for the company from $65.00 to $73.00 in a research note on Monday, June 29th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Bio-Techne presently has an average rating of "Hold" and an average target price of $68.08.

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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