Bio-Techne (NASDAQ:TECH) Trading Up 4.7% - What's Next?

Key Points

• Bio-Techne Corp's stock rose by 4.7%, reaching a last traded price of $54.68, despite a decrease in trading volume.
• Analysts have mixed views on Bio-Techne, with recommendations ranging from a Strong Buy to a Hold, and a consensus target price of $70.42.
• The company reported a quarterly earnings per share of $0.53, exceeding estimates and showing a revenue increase of 3.6% compared to the previous year.

Bio-Techne Corp (NASDAQ:TECH - Get Free Report)'s stock price was up 4.7% during mid-day trading on Tuesday . The stock traded as high as $54.65 and last traded at $54.68. Approximately 1,746,460 shares changed hands during trading, a decline of 16% from the average daily volume of 2,082,538 shares. The stock had previously closed at $52.23.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TECH shares. Benchmark restated a "buy" rating and set a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. Scotiabank lowered their price objective on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. Wall Street Zen downgraded Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Royal Bank Of Canada upgraded Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Finally, TD Cowen initiated coverage on Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bio-Techne presently has an average rating of "Moderate Buy" and a consensus target price of $70.42.

Bio-Techne Trading Up 6.5%

The firm has a market cap of $8.66 billion, a P/E ratio of 120.94, a PEG ratio of 3.31 and a beta of 1.47. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The stock has a 50 day moving average of $53.84 and a 200 day moving average of $52.51.

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 return on equity of 13.43% and a net margin of 6.02%.The firm had revenue of $316.96 million for the quarter, compared to analysts' expectations of $315.14 million. During the same period last year, the firm earned $0.49 earnings per share. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities research analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 18th. Bio-Techne's dividend payout ratio (DPR) is 69.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Bio-Techne by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,375,279 shares of the biotechnology company's stock valued at $666,933,000 after buying an additional 721,012 shares during the last quarter. Select Equity Group L.P. grew its stake in shares of Bio-Techne by 129.8% during the first quarter. Select Equity Group L.P. now owns 5,366,003 shares of the biotechnology company's stock valued at $314,609,000 after buying an additional 3,030,644 shares during the last quarter. Invesco Ltd. grew its stake in shares of Bio-Techne by 9.7% during the first quarter. Invesco Ltd. now owns 4,190,115 shares of the biotechnology company's stock valued at $245,666,000 after buying an additional 369,651 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Bio-Techne by 18.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,025,409 shares of the biotechnology company's stock valued at $177,380,000 after buying an additional 472,847 shares during the last quarter. Finally, Champlain Investment Partners LLC grew its stake in shares of Bio-Techne by 8.9% in the second quarter. Champlain Investment Partners LLC now owns 2,665,684 shares of the biotechnology company's stock worth $137,149,000 after purchasing an additional 217,362 shares during the last quarter. 98.95% of the stock is owned by 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.

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