Brokerages Set Bio-Techne Corp (NASDAQ:TECH) Target Price at $68.08

Bio-Techne Corp (NASDAQ:TECH) has been given an average recommendation of “Hold” by the seventeen ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $68.0769.

Several equities research analysts have recently commented on TECH shares. Piper Sandler assumed coverage on Bio-Techne in a research note on Thursday, June 11th. They set a “neutral” rating and a $65.00 price target for the company. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an “equal weight” rating in a research report on Friday, June 26th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and boosted their price objective for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. Robert W. Baird upped their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a report on Thursday, May 7th.

Bio-Techne Price Performance

Shares of TECH opened at $71.60 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. Bio-Techne has a fifty-two week low of $43.19 and a fifty-two week high of $72.16. The firm has a 50-day simple moving average of $60.48 and a 200-day simple moving average of $58.82. The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of 103.77, a price-to-earnings-growth ratio of 8.53 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The company had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. During the same quarter last year, the firm earned $0.56 EPS. The business’s revenue was down 1.5% on a year-over-year basis. On average, equities research analysts anticipate that Bio-Techne will post 1.65 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were given a dividend of $0.08 per share. The ex-dividend date was Monday, May 18th. This represents a $0.32 annualized dividend and a yield of 0.4%. Bio-Techne’s payout ratio is presently 46.38%.

Institutional Trading of Bio-Techne

Institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its holdings in Bio-Techne by 349.8% in the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after acquiring an additional 3,978,026 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Bio-Techne by 164.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. Ruane Cunniff & Goldfarb L.P. boosted its holdings 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 worth $177,266,000 after buying an additional 1,926,066 shares in the last quarter. Norges Bank acquired a new position in Bio-Techne during the fourth quarter worth about $99,494,000. Finally, Durable Capital Partners LP purchased a new position in Bio-Techne in the third quarter valued at about $77,658,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

About Bio-Techne

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.