Shares of Bio-Techne Corp (NASDAQ:TECH - Get Free Report) crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $63.46 and traded as high as $72.55. Bio-Techne shares last traded at $72.48, with a volume of 2,420,567 shares traded.
Analyst Upgrades and Downgrades
TECH has been the topic of a number of research analyst reports. Weiss Ratings upgraded shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price for the company. in a research note on Friday, June 26th. Evercore cut Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Wells Fargo & Company cut Bio-Techne from an "overweight" rating to an "equal weight" rating and increased their target price for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, William Blair downgraded Bio-Techne from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $68.92.
Check Out Our Latest Analysis on Bio-Techne
Bio-Techne Trading Down 0.1%
The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 63.03, a P/E/G ratio of 8.78 and a beta of 1.30. The business has a 50-day simple moving average of $72.36 and a two-hundred day simple moving average of $63.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.
Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.52. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The firm's revenue was up 1.3% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. As a group, research analysts forecast that Bio-Techne Corp will post 1.73 EPS for the current year.
Bio-Techne Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. This is an increase from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, August 24th. Bio-Techne's payout ratio is 27.83%.
Institutional Investors Weigh In On Bio-Techne
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Bio-Techne during the second quarter worth about $990,924,000. HBK Investments L P acquired a new position in Bio-Techne during the second quarter valued at approximately $482,186,000. Ruane Cunniff & Goldfarb L.P. boosted its position in Bio-Techne by 131.4% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company's stock valued at $177,266,000 after purchasing an additional 1,926,066 shares during the last quarter. Amundi boosted its position in Bio-Techne by 2,426.8% during the second quarter. Amundi now owns 1,827,241 shares of the biotechnology company's stock valued at $129,095,000 after purchasing an additional 1,754,926 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Bio-Techne in the second quarter valued at approximately $90,305,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.
About Bio-Techne
(
Get Free Report)
Bio-Techne Corporation is a life sciences company that develops and supplies research, diagnostic and bioprocessing products for the biotechnology and pharmaceutical industries, academic institutions, clinical laboratories and other healthcare organizations. Its portfolio supports research in areas such as cancer, immunology, neuroscience, cell biology and precision medicine.
The company provides proteins, antibodies, immunoassays, reagents, gene and cell therapy materials, and analytical instruments.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
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