Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies. This segment also offers proteomic analytical tools for automated western blot and multiplexed ELISA workflow consists of manual and automated protein analysis instruments and immunoassays for use in quantifying proteins in various biological fluids. The Diagnostics and Genomics segment provides diagnostic products, including controls, calibrators, and diagnostic assays for regulated diagnostics market, exosome-based molecular diagnostic assays, advanced tissue-based in-situ hybridization assays for spatial genomic and tissue biopsy analysis, and genetic and oncology kits for research and clinical applications; and nucleic acid analysis products for use in diagnostic or research applications, as well as instruments and process control products for hematology, blood chemistry, blood gases, and coagulation controls and reagents used in various diagnostic applications. It offers its products under R&D Systems, Novus Biologicals, Tocris Biosciences, ProteinSimple, Advanced Cell Diagnostics, and ExosomeDx brands. Bio-Techne Corporation has a clinical research collaboration with Carterra Inc. for the study of COVID-19 variants. The company was formerly known as Techne Corporation and changed its name to Bio-Techne Corporation in November 2014. Bio-Techne Corporation was founded in 1976 and is headquartered in Minneapolis, Minnesota.
Bio-Techne Stock Performance
NASDAQ:TECH traded up $18.83 during trading on Wednesday, hitting $379.95. 195,520 shares of the company's stock traded hands, compared to its average volume of 254,967. The stock has a market capitalization of $14.91 billion, a price-to-earnings ratio of 57.39, a PEG ratio of 1.76 and a beta of 1.22. Bio-Techne has a 12-month low of $318.07 and a 12-month high of $543.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.64 and a current ratio of 3.44. The business has a 50 day moving average of $357.01 and a 200-day moving average of $386.22.
Bio-Techne (NASDAQ:TECH - Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.03). Bio-Techne had a net margin of 24.61% and a return on equity of 16.97%. The company had revenue of $288.30 million for the quarter, compared to the consensus estimate of $287.04 million. During the same quarter in the prior year, the company earned $1.67 earnings per share. The company's quarterly revenue was up 11.3% on a year-over-year basis. As a group, equities research analysts anticipate that Bio-Techne will post 8.35 earnings per share for the current fiscal year.
Bio-Techne Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 29th. Investors of record on Monday, August 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, August 12th. Bio-Techne's dividend payout ratio (DPR) is 19.34%.
Analysts Set New Price Targets
TECH has been the topic of a number of analyst reports. Stephens cut their price objective on shares of Bio-Techne from $500.00 to $480.00 and set an "overweight" rating on the stock in a report on Friday, August 5th. KeyCorp cut their price target on shares of Bio-Techne from $600.00 to $500.00 in a report on Thursday, May 5th. Wells Fargo & Company downgraded shares of Bio-Techne from an "equal weight" rating to an "underweight" rating and cut their price target for the stock from $400.00 to $370.00 in a report on Monday, April 25th. StockNews.com downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Friday, August 5th. Finally, Robert W. Baird cut their price target on shares of Bio-Techne from $500.00 to $470.00 in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Bio-Techne has a consensus rating of "Moderate Buy" and a consensus price target of $489.17.
Insider Buying and Selling
In related news, Director John L. Higgins sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $364.31, for a total value of $364,310.00. Following the transaction, the director now directly owns 4,606 shares in the company, valued at $1,678,011.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director John L. Higgins sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $364.31, for a total value of $364,310.00. Following the transaction, the director now directly owns 4,606 shares in the company, valued at $1,678,011.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Charles R. Kummeth sold 5,104 shares of the company's stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $365.00, for a total transaction of $1,862,960.00. Following the completion of the transaction, the chief executive officer now owns 198,338 shares in the company, valued at $72,393,370. The disclosure for this sale can be found here. 4.10% of the stock is owned by company insiders.
