Bio-Techne (NASDAQ:TECH) Issues Earnings Results

Key Points

• Bio-Techne reported quarterly earnings of $0.44 per share, matching analysts’ estimates, while revenue of $299.71 million exceeded the $292.60 million consensus.
• The company cut its quarterly dividend to $0.08 per share from $0.65, implying an annualized dividend of $0.32 and a 0.4% yield.
• Analysts’ consensus rating was Hold, with a $68.92 average price target; shares rose 0.2% to $72.78 on Friday.

Bio-Techne (NASDAQ:TECH - Get Free Report) posted its quarterly earnings data on Friday. The biotechnology company reported $0.44 earnings per share for the quarter, meeting analysts' consensus estimates of $0.44, FiscalAI reports. The firm had revenue of $299.71 million for the quarter, compared to analyst estimates of $292.60 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%.

Bio-Techne Stock Up 0.2%

Shares of Bio-Techne stock traded up $0.12 on Friday, hitting $72.78. 2,307,614 shares of the company's stock traded hands, compared to its average volume of 3,295,218. The firm's 50-day moving average is $72.48 and its 200 day moving average is $63.37. The stock has a market cap of $11.43 billion, a P/E ratio of 63.29, a PEG ratio of 5.28 and a beta of 1.29. Bio-Techne has a 52-week low of $43.19 and a 52-week high of $72.83. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Friday, November 13th will be paid a dividend of $0.08 per share. This is a decrease from Bio-Techne's previous quarterly dividend of $0.65. The ex-dividend date is Friday, November 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Bio-Techne's dividend payout ratio (DPR) is currently 27.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TECH shares. Argus downgraded Bio-Techne from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, October 26th. Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Benchmark reissued a "hold" rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Royal Bank Of Canada lowered Bio-Techne from an "outperform" rating to a "sector perform" rating and raised their price target for the stock from $62.00 to $73.00 in a research note on Thursday, July 9th. Finally, Weiss Ratings upgraded Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Bio-Techne presently has a consensus rating of "Hold" and a consensus price target of $68.92.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.

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