Bio-Techne (NASDAQ:TECH) Upgraded by Royal Bank Of Canada to "Moderate Buy" Rating

Key Points

• Bio-Techne has received an upgraded rating from Royal Bank Of Canada, increasing from a "hold" to a "moderate buy".
• Multiple analysts have provided positive ratings and price targets for Bio-Techne, including Citigroup raising their target from $55 to $70.
• The company declared a $500 million share repurchase plan, indicating confidence in its stock valuation.

Bio-Techne (NASDAQ:TECH - Get Free Report) was upgraded by equities research analysts at Royal Bank Of Canada from a "hold" rating to a "moderate buy" rating in a report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on TECH. Citigroup raised shares of Bio-Techne from a "neutral" rating to a "buy" rating and raised their price target for the stock from $55.00 to $70.00 in a report on Thursday, August 21st. UBS Group decreased their price objective on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. TD Cowen started coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective on the stock. Wall Street Zen cut shares of Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Finally, Benchmark restated a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a research report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Bio-Techne presently has an average rating of "Moderate Buy" and an average price target of $70.42.

Bio-Techne Trading Up 2.8%

Shares of Bio-Techne stock traded up $1.49 during trading on Wednesday, reaching $54.41. The company's stock had a trading volume of 1,745,308 shares, compared to its average volume of 1,832,320. Bio-Techne has a 52-week low of $46.01 and a 52-week high of $80.95. The company has a market cap of $8.53 billion, a price-to-earnings ratio of 118.29, a PEG ratio of 3.47 and a beta of 1.47. The firm's 50-day moving average is $53.90 and its two-hundred day moving average is $53.71. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The company had revenue of $316.96 million during the quarter, compared to analysts' expectations of $315.14 million. During the same quarter in the prior year, the company earned $0.49 EPS. The firm's revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts anticipate that Bio-Techne will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On Bio-Techne

Institutional investors and hedge funds have recently modified their holdings of the stock. CX Institutional purchased a new stake in shares of Bio-Techne in the 1st quarter worth about $27,000. AlphaQuest LLC purchased a new position in Bio-Techne during the 1st quarter valued at about $34,000. Allworth Financial LP lifted its position in Bio-Techne by 68.1% during the 2nd quarter. Allworth Financial LP now owns 612 shares of the biotechnology company's stock valued at $31,000 after acquiring an additional 248 shares during the period. EverSource Wealth Advisors LLC lifted its position in Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock valued at $35,000 after acquiring an additional 562 shares during the period. Finally, Federated Hermes Inc. purchased a new position in Bio-Techne during the 1st quarter valued at about $41,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

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.