Bio-Techne (NASDAQ:TECH) Now Covered by Stephens

Investment analysts at Stephens initiated coverage on shares of Bio-Techne (NASDAQ:TECH - Get Free Report) in a research report issued on Tuesday. The brokerage set an "overweight" rating and a $65.00 price target on the biotechnology company's stock. Stephens' price target would indicate a potential upside of 23.98% from the stock's current price.

Several other equities research analysts also recently weighed in on the stock. Scotiabank reduced their target price on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 11th. UBS Group lowered their target price on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. TD Cowen started coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They set a "buy" rating and a $65.00 price target on the stock. Royal Bank Of Canada decreased their price objective on Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating for the company in a report on Thursday, May 8th. Finally, Stifel Nicolaus dropped their price target on Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $69.58.

Bio-Techne Price Performance

NASDAQ TECH traded up $2.16 on Tuesday, hitting $52.43. The stock had a trading volume of 308,254 shares, compared to its average volume of 1,972,850. The firm has a 50-day moving average of $50.52 and a 200-day moving average of $58.13. 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 company has a market capitalization of $8.22 billion, a price-to-earnings ratio of 64.03, a price-to-earnings-growth ratio of 2.48 and a beta of 1.39. Bio-Techne has a 52-week low of $46.01 and a 52-week high of $83.62.

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

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

Institutional Investors Weigh In On Bio-Techne

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hilltop National Bank purchased a new position in Bio-Techne in the second quarter worth $74,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bio-Techne by 5.2% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,646 shares of the biotechnology company's stock valued at $1,062,000 after acquiring an additional 1,016 shares during the last quarter. Lecap Asset Management Ltd. raised its stake in Bio-Techne by 7.5% in the second quarter. Lecap Asset Management Ltd. now owns 14,606 shares of the biotechnology company's stock worth $751,000 after buying an additional 1,017 shares in the last quarter. Truist Financial Corp raised its stake in Bio-Techne by 20.9% in the second quarter. Truist Financial Corp now owns 17,671 shares of the biotechnology company's stock worth $909,000 after buying an additional 3,060 shares in the last quarter. Finally, HB Wealth Management LLC grew its holdings in Bio-Techne by 1.2% in the second quarter. HB Wealth Management LLC now owns 55,404 shares of the biotechnology company's stock worth $2,851,000 after purchasing an additional 669 shares during the period. Institutional investors own 98.95% of the company's stock.

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.

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