Bio-Techne (NASDAQ:TECH) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Bio-Techne (NASDAQ:TECH) from a hold rating to a buy rating in a research report report published on Tuesday.

Several other research analysts have also recently commented on TECH. Benchmark reiterated a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a report on Tuesday, August 13th. Scotiabank increased their target price on Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a report on Thursday, October 31st. Royal Bank of Canada dropped their price target on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Finally, Robert W. Baird lifted their target price on Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.78.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $67.57 on Tuesday. The company has a current ratio of 4.56, a quick ratio of 3.26 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average of $74.23 and a 200-day moving average of $75.39. Bio-Techne has a twelve month low of $60.53 and a twelve month high of $85.57. The firm has a market cap of $10.74 billion, a price-to-earnings ratio of 71.88, a price-to-earnings-growth ratio of 5.54 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. The company had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.35 EPS. Analysts forecast that Bio-Techne will post 1.68 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 11th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Friday, November 8th. Bio-Techne’s dividend payout ratio (DPR) is presently 34.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp increased its position in Bio-Techne by 1.5% during the third quarter. State Street Corp now owns 6,395,993 shares of the biotechnology company’s stock worth $511,232,000 after buying an additional 95,133 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Bio-Techne by 92.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,746,119 shares of the biotechnology company’s stock valued at $404,470,000 after acquiring an additional 2,755,065 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Bio-Techne by 8.2% in the 2nd quarter. Mackenzie Financial Corp now owns 2,862,260 shares of the biotechnology company’s stock worth $205,081,000 after purchasing an additional 216,044 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Bio-Techne by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,589,799 shares of the biotechnology company’s stock worth $185,559,000 after purchasing an additional 88,257 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Bio-Techne by 20.4% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,714,994 shares of the biotechnology company’s stock worth $122,879,000 after purchasing an additional 290,510 shares during the period. Institutional investors own 98.95% of the company’s stock.

About Bio-Techne

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.