Bio-Techne (NASDAQ:TECH) Cut to “Strong Sell” at Zacks Research

Zacks Research downgraded shares of Bio-Techne (NASDAQ:TECH) from a hold rating to a strong sell rating in a research note released on Wednesday,Zacks.com reports.

TECH has been the topic of several other reports. Cowen reissued a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. Wells Fargo & Company lifted their price target on Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Evercore ISI set a $68.00 price objective on shares of Bio-Techne in a research report on Thursday, November 6th. Royal Bank Of Canada upgraded shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft set a $72.00 target price on shares of Bio-Techne and gave the stock a “buy” rating in a report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Bio-Techne presently has an average rating of “Moderate Buy” and an average price target of $71.00.

Bio-Techne Price Performance

Shares of TECH opened at $58.27 on Wednesday. Bio-Techne has a fifty-two week low of $46.01 and a fifty-two week high of $79.28. The firm’s 50-day simple moving average is $61.08 and its two-hundred day simple moving average is $56.14. The stock has a market cap of $9.08 billion, a PE ratio of 118.92, a price-to-earnings-growth ratio of 3.93 and a beta of 1.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.81 and a current ratio of 4.22.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $286.56 million during the quarter, compared to analyst estimates of $292.02 million. Bio-Techne had a net margin of 6.41% and a return on equity of 13.59%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $0.42 earnings per share. Analysts anticipate that Bio-Techne will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Monday, November 17th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, November 17th. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Bio-Techne’s payout ratio is presently 65.31%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Bio-Techne by 349.8% during the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after purchasing an additional 3,978,026 shares during the last quarter. Select Equity Group L.P. increased its holdings in 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. Norges Bank purchased a new stake in Bio-Techne during the second quarter valued at approximately $98,238,000. Durable Capital Partners LP bought a new position in Bio-Techne in the third quarter worth approximately $77,658,000. Finally, RGM Capital LLC purchased a new position in shares of Bio-Techne during the 1st quarter worth $59,267,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.