Royal Bank Of Canada Has Lowered Expectations for Bio-Techne (NASDAQ:TECH) Stock Price

Key Points

• Royal Bank Of Canada has reduced its price target for Bio-Techne's stock from $63.00 to $61.00, indicating a potential upside of 22.76% from its previous close.
• Multiple brokerages have also adjusted their ratings on Bio-Techne, with Scotiabank decreasing its target to $75.00 and TD Cowen initiating coverage with a target of $65.00.
• Bio-Techne has authorized a $500 million stock buyback plan, signaling that its board believes the stock is undervalued.

Bio-Techne (NASDAQ:TECH - Get Free Report) had its price target decreased by analysts at Royal Bank Of Canada from $63.00 to $61.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the biotechnology company's stock. Royal Bank Of Canada's price objective suggests a potential upside of 22.76% from the company's previous close.

Several other brokerages have also issued reports on TECH. Scotiabank reduced their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a report on Friday, July 11th. TD Cowen initiated coverage on Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target on the stock. Wall Street Zen lowered Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Wells Fargo & Company began coverage on Bio-Techne in a research note on Friday, May 30th. They set an "overweight" rating and a $59.00 price target on the stock. Finally, Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research note on Tuesday, July 22nd. Seven investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $69.42.

Bio-Techne Stock Down 0.4%

Shares of NASDAQ TECH traded down $0.18 during midday trading on Thursday, hitting $49.69. The company's stock had a trading volume of 1,034,420 shares, compared to its average volume of 2,047,746. Bio-Techne has a 1 year low of $46.01 and a 1 year high of $80.95. The business's fifty day simple moving average is $52.23 and its two-hundred day simple moving average is $56.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.71 and a quick ratio of 2.58. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of 60.63, a price-to-earnings-growth ratio of 2.62 and a beta of 1.40.

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 the consensus estimate of $0.50 by $0.03. The company had revenue of $316.96 million for the quarter, compared to analysts' expectations of $315.14 million. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. Bio-Techne's revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 EPS. On average, equities analysts predict that Bio-Techne will post 1.67 EPS for the current year.

Bio-Techne announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, May 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Trading of Bio-Techne

Large investors have recently bought and sold shares of the company. Utah Retirement Systems boosted its stake in shares of Bio-Techne by 0.8% in the 4th quarter. Utah Retirement Systems now owns 25,756 shares of the biotechnology company's stock worth $1,855,000 after buying an additional 200 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in Bio-Techne by 5.1% in the 1st quarter. Smartleaf Asset Management LLC now owns 4,300 shares of the biotechnology company's stock worth $253,000 after acquiring an additional 210 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in Bio-Techne by 5.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 4,134 shares of the biotechnology company's stock worth $213,000 after acquiring an additional 219 shares during the last quarter. Amalgamated Bank increased its stake in Bio-Techne by 0.7% in the 1st quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company's stock worth $1,797,000 after acquiring an additional 222 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Bio-Techne by 0.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,005 shares of the biotechnology company's stock worth $1,994,000 after acquiring an additional 249 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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