Bio-Techne (NASDAQ:TECH) Releases Earnings Results, Meets Estimates

Key Points

• Bio-Techne met earnings expectations, reporting quarterly EPS of $0.52, while revenue reached $321.19 million—above the $314.68 million consensus estimate and up 1.3% year over year.
• Shares traded near their 52-week high at $72.21, but analyst sentiment remained cautious: the consensus rating was “Hold” with a $68.08 target price.
• Institutional investors own 98.95% of Bio-Techne’s stock, with several investment firms increasing their holdings during recent quarters.

Bio-Techne (NASDAQ:TECH - Get Free Report) posted its quarterly earnings results on Wednesday. The biotechnology company reported $0.52 EPS for the quarter, meeting analysts' consensus estimates of $0.52, FiscalAI reports. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.68 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Bio-Techne's revenue for the quarter was up 1.3% compared to the same quarter last year.

Bio-Techne Price Performance

Bio-Techne stock traded up $0.06 during mid-day trading on Wednesday, reaching $72.21. The company had a trading volume of 917,102 shares, compared to its average volume of 3,473,915. The business has a fifty day simple moving average of $66.18 and a 200 day simple moving average of $59.18. The company has a market cap of $11.31 billion, a P/E ratio of 104.65, a P/E/G ratio of 8.59 and a beta of 1.28. Bio-Techne has a fifty-two week low of $43.19 and a fifty-two week high of $72.39. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10.

Analyst Upgrades and Downgrades

Several equities analysts have commented on TECH shares. Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price on the stock. in a report on Friday, June 26th. Leerink Partners set a $73.00 price target on shares of Bio-Techne in a research report on Thursday, June 25th. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research note on Thursday, May 7th. Royal Bank Of Canada lowered Bio-Techne from an "outperform" rating to a "sector perform" rating and lifted their price target for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. Finally, Evercore lowered Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $68.08.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Bio-Techne during the 4th quarter worth approximately $246,000. Steward Partners Investment Advisory LLC raised its stake in shares of Bio-Techne by 7.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,091 shares of the biotechnology company's stock valued at $182,000 after acquiring an additional 216 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of Bio-Techne by 80.3% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,691 shares of the biotechnology company's stock valued at $99,000 after acquiring an additional 753 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Bio-Techne by 26.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,991 shares of the biotechnology company's stock worth $117,000 after purchasing an additional 416 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Bio-Techne by 50.6% during the third quarter. CIBC Private Wealth Group LLC now owns 2,118 shares of the biotechnology company's stock worth $118,000 after purchasing an additional 712 shares during the period. 98.95% of the stock is currently owned by institutional investors.

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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