Wells Fargo & Company Initiates Coverage on Bio-Techne (NASDAQ:TECH)

Wells Fargo & Company initiated coverage on shares of Bio-Techne (NASDAQ:TECH - Get Free Report) in a report issued on Friday, Marketbeat reports. The firm set an "overweight" rating and a $59.00 price target on the biotechnology company's stock. Wells Fargo & Company's target price would suggest a potential upside of 21.90% from the stock's current price.

A number of other equities research analysts have also recently commented on the company. Citigroup decreased their price target 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. Stifel Nicolaus decreased their price target on Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Robert W. Baird cut Bio-Techne from an "outperform" rating to a "neutral" rating and decreased their price target for the company from $88.00 to $68.00 in a research note on Wednesday, February 19th. Royal Bank of Canada decreased their price target on Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded Bio-Techne from a "hold" rating to a "buy" rating in a research note on Friday, May 16th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Bio-Techne presently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

Bio-Techne Stock Up 0.1%

Shares of NASDAQ TECH traded up $0.07 during mid-day trading on Friday, reaching $48.40. 11,773,067 shares of the company were exchanged, compared to its average volume of 1,356,962. The company has a quick ratio of 2.77, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. The stock has a market cap of $7.59 billion, a price-to-earnings ratio of 48.89, a P/E/G ratio of 2.88 and a beta of 1.46. Bio-Techne has a 1 year low of $46.01 and a 1 year high of $83.62. The firm has a 50-day moving average of $50.85 and a 200 day moving average of $63.59.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. The company had revenue of $316.18 million during the quarter, compared to analysts' expectations of $317.92 million. During the same period last year, the business posted $0.48 earnings per share. The firm's revenue was up 4.2% compared to the same quarter last year. On average, research analysts expect that Bio-Techne will post 1.67 earnings per share for the current year.

Bio-Techne announced that its board has approved a stock repurchase program on Wednesday, May 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Bio-Techne

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new stake in Bio-Techne during the first quarter worth about $281,000. Bayforest Capital Ltd acquired a new stake in Bio-Techne during the first quarter worth about $268,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Bio-Techne by 2.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 944,327 shares of the biotechnology company's stock worth $55,366,000 after acquiring an additional 19,606 shares during the period. Woodline Partners LP grew its holdings in Bio-Techne by 40.0% during the first quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock worth $783,000 after acquiring an additional 3,814 shares during the period. Finally, MBB Public Markets I LLC acquired a new stake in Bio-Techne during the first quarter worth about $306,000. 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.