Bio-Techne Co. (NASDAQ:TECH) Receives $83.90 Average PT from Brokerages

Shares of Bio-Techne Co. (NASDAQ:TECH) have been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $83.90.

Several analysts recently commented on TECH shares. Royal Bank of Canada reduced their target price on Bio-Techne from $85.00 to $75.00 and set a “sector perform” rating on the stock in a report on Friday, February 2nd. Stifel Nicolaus cut Bio-Techne from a “buy” rating to a “hold” rating and set a $65.00 target price on the stock. in a report on Friday, February 2nd. Scotiabank started coverage on Bio-Techne in a report on Thursday, February 8th. They issued a “sector outperform” rating and a $80.00 target price on the stock. Stephens reduced their target price on Bio-Techne from $92.00 to $87.00 and set an “overweight” rating on the stock in a report on Friday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Bio-Techne from $85.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, April 18th.

Insiders Place Their Bets

In other news, Director Roeland Nusse sold 10,400 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $76.98, for a total transaction of $800,592.00. Following the transaction, the director now directly owns 43,097 shares of the company’s stock, valued at $3,317,607.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.45% of the company’s stock.

Hedge Funds Weigh In On Bio-Techne

A number of institutional investors have recently modified their holdings of TECH. Norges Bank acquired a new position in shares of Bio-Techne during the fourth quarter worth approximately $119,771,000. Brown Advisory Inc. raised its position in shares of Bio-Techne by 1,094.6% during the fourth quarter. Brown Advisory Inc. now owns 809,635 shares of the biotechnology company’s stock worth $62,471,000 after purchasing an additional 741,860 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Bio-Techne by 1,389.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 784,543 shares of the biotechnology company’s stock worth $60,535,000 after purchasing an additional 731,869 shares during the period. Corient Private Wealth LLC raised its position in shares of Bio-Techne by 4,482.1% during the fourth quarter. Corient Private Wealth LLC now owns 633,790 shares of the biotechnology company’s stock worth $48,903,000 after purchasing an additional 619,958 shares during the period. Finally, Brown Capital Management LLC raised its position in shares of Bio-Techne by 12.4% during the fourth quarter. Brown Capital Management LLC now owns 3,550,990 shares of the biotechnology company’s stock worth $273,994,000 after purchasing an additional 392,986 shares during the period. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Stock Performance

Bio-Techne stock opened at $62.66 on Friday. The business has a 50 day moving average of $70.14 and a 200-day moving average of $68.54. Bio-Techne has a 1 year low of $51.79 and a 1 year high of $89.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 4.37 and a quick ratio of 3.03. The company has a market capitalization of $9.85 billion, a P/E ratio of 45.41, a P/E/G ratio of 7.90 and a beta of 1.22.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Thursday, February 1st. The biotechnology company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.03). Bio-Techne had a net margin of 19.58% and a return on equity of 14.21%. The firm had revenue of $272.60 million during the quarter, compared to analyst estimates of $277.48 million. On average, equities research analysts predict that Bio-Techne will post 1.52 earnings per share for the current year.

Bio-Techne Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 26th. Shareholders of record on Monday, February 12th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend was Friday, February 9th. Bio-Techne’s payout ratio is 23.19%.

Bio-Techne Company Profile

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.