Zacks Investment Research upgraded shares of Bio-Techne (NASDAQ:TECH) from a hold rating to a buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $566.00 price target on the biotechnology company’s stock.
According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “
A number of other research analysts also recently weighed in on TECH. Argus lifted their price target on Bio-Techne from $490.00 to $540.00 and gave the company a buy rating in a report on Tuesday, August 24th. Benchmark lifted their price target on Bio-Techne from $480.00 to $540.00 and gave the company a buy rating in a report on Thursday, August 5th. Robert W. Baird boosted their target price on Bio-Techne from $430.00 to $522.00 and gave the company an outperform rating in a research note on Friday, August 6th. Finally, SVB Leerink boosted their target price on Bio-Techne from $450.00 to $480.00 and gave the company an outperform rating in a research note on Tuesday, June 29th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $468.80.
Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Thursday, August 5th. The biotechnology company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.40. Bio-Techne had a return on equity of 15.19% and a net margin of 15.08%. The business had revenue of $259.03 million for the quarter, compared to the consensus estimate of $247.00 million. On average, sell-side analysts predict that Bio-Techne will post 6.91 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 27th. Shareholders of record on Monday, August 16th were given a $0.32 dividend. The ex-dividend date of this dividend was Friday, August 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.25%. Bio-Techne’s dividend payout ratio is currently 22.34%.
In related news, SVP Brenda S. Furlow sold 3,538 shares of the business’s stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $473.95, for a total transaction of $1,676,835.10. Following the completion of the transaction, the senior vice president now owns 10,359 shares of the company’s stock, valued at approximately $4,909,648.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Hippel sold 10,000 shares of the business’s stock in a transaction dated Monday, August 9th. The stock was sold at an average price of $478.90, for a total value of $4,789,000.00. Following the transaction, the chief financial officer now directly owns 12,520 shares of the company’s stock, valued at approximately $5,995,828. The disclosure for this sale can be found here. Insiders sold 41,769 shares of company stock valued at $20,704,805 in the last ninety days. Insiders own 3.80% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TECH. Berman Capital Advisors LLC raised its holdings in Bio-Techne by 211.1% in the 2nd quarter. Berman Capital Advisors LLC now owns 84 shares of the biotechnology company’s stock valued at $37,000 after acquiring an additional 57 shares in the last quarter. Ellevest Inc. acquired a new position in Bio-Techne in the 3rd quarter valued at approximately $37,000. KB Financial Partners LLC acquired a new position in Bio-Techne in the 1st quarter valued at approximately $43,000. Newfound Research LLC acquired a new position in Bio-Techne in the 2nd quarter valued at approximately $45,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in Bio-Techne in the 3rd quarter valued at approximately $48,000. 93.11% of the stock is owned by hedge funds and other institutional investors.
Bio-Techne Corp. engages in the development, manufacture and sale of biotechnology reagents and instruments for the research and clinical diagnostic markets. It operates through the following segments: Protein Sciences and Diagnostics &Genomics. The Protein Sciences segment develops and manufactures purified proteins and reagent solutions most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies.
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