Bio-Techne (NASDAQ:TECH) Reaches New 52-Week High - Should You Buy?

Key Points

• Bio-Techne shares reached a new 52-week high of $72.51, but the stock’s consensus rating remains “Hold,” with a consensus price target of $68.92. Most analysts rate it Hold, while only two recommend buying and one recommends selling.
• The company’s latest quarterly results were mixed but broadly solid: EPS matched estimates at $0.52, while revenue of $321.19 million exceeded expectations and rose 1.3% year over year.
• Bio-Techne announced a sharply higher quarterly dividend of $0.65, equivalent to a 3.6% yield, while institutional investors continue to hold nearly 99% of the company’s outstanding shares.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $72.51 and last traded at $72.2390, with a volume of 7782 shares traded. The stock had previously closed at $72.40.

Analysts Set New Price Targets

TECH has been the topic of a number of analyst reports. Wells Fargo & Company downgraded shares of Bio-Techne from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $62.00 to $73.00 in a research note on Thursday. Piper Sandler assumed coverage on Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price target for the company. Weiss Ratings reiterated a "hold (c-)" rating on shares of Bio-Techne in a report on Tuesday, August 4th. Zacks Research lowered Bio-Techne from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. Finally, Royal Bank Of Canada cut Bio-Techne from an "outperform" rating to a "sector perform" rating and raised their target price for the company from $62.00 to $73.00 in a report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Trading Down 0.2%

The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The company has a market cap of $11.32 billion, a PE ratio of 62.85, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a fifty day simple moving average of $67.40 and a two-hundred day simple moving average of $59.26.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same period in the prior year, the company posted $0.53 earnings per share. The firm's quarterly revenue was up 1.3% compared to the same quarter last year. Analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. Bio-Techne's dividend payout ratio (DPR) is currently 27.83%.

Institutional Investors Weigh In On Bio-Techne

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Danske Bank A S purchased a new position in shares of Bio-Techne during the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Bio-Techne in the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd acquired a new position in Bio-Techne during the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC increased its position in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after buying an additional 562 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Bio-Techne in the first quarter valued at approximately $37,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Company Profile

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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