Bio-Techne (NASDAQ:TECH) Issues Quarterly Earnings Results

Bio-Techne (NASDAQ:TECH) released its earnings results on Wednesday. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42, Briefing.com reports. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The business had revenue of $286.56 million during the quarter, compared to analyst estimates of $292.02 million. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year.

Bio-Techne Stock Performance

TECH traded down $1.04 on Friday, reaching $57.14. The company had a trading volume of 71,775 shares, compared to its average volume of 2,112,550. Bio-Techne has a 1 year low of $46.01 and a 1 year high of $79.28. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $8.90 billion, a PE ratio of 123.73, a P/E/G ratio of 3.63 and a beta of 1.51. The stock has a 50-day moving average price of $57.57 and a 200-day moving average price of $53.70.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 17th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, November 17th. This represents a $0.32 annualized dividend and a yield of 0.6%. Bio-Techne’s payout ratio is presently 69.57%.

Institutional Investors Weigh In On Bio-Techne

Several hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the period. E Fund Management Co. Ltd. boosted its position in shares of Bio-Techne by 4.5% during the 2nd quarter. E Fund Management Co. Ltd. now owns 5,497 shares of the biotechnology company’s stock worth $283,000 after purchasing an additional 235 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Bio-Techne during the 2nd quarter worth $329,000. Canada Pension Plan Investment Board increased its holdings in shares of Bio-Techne by 59.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 7,800 shares of the biotechnology company’s stock valued at $401,000 after purchasing an additional 2,900 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in shares of Bio-Techne in the second quarter valued at about $554,000. 98.95% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TECH has been the subject of a number of recent research reports. Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and raised their target price for the stock from $55.00 to $70.00 in a research note on Thursday, August 21st. Royal Bank Of Canada raised shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. UBS Group raised their price objective on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company lifted their target price on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.17.

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.