Bio-Techne Co. (NASDAQ:TECH) Receives $82.00 Consensus Target Price from Brokerages

Shares of Bio-Techne Co. (NASDAQ:TECH) have received an average recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $82.00.

TECH has been the topic of several recent analyst reports. StockNews.com raised Bio-Techne from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Robert W. Baird boosted 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. Finally, Scotiabank raised their price target on Bio-Techne from $83.00 to $88.00 and gave the stock a “sector outperform” rating in a research note on Thursday, October 31st.

Institutional Trading of Bio-Techne

A number of hedge funds and other institutional investors have recently modified their holdings of TECH. Point72 Asset Management L.P. bought a new stake in Bio-Techne during the third quarter worth about $89,724,000. Point72 DIFC Ltd purchased a new position in shares of Bio-Techne during the third quarter valued at approximately $20,071,000. Mackenzie Financial Corp boosted its position in shares of 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 in the last quarter. First Citizens Bank & Trust Co. grew its stake in shares of Bio-Techne by 4,392.8% in the 4th quarter. First Citizens Bank & Trust Co. now owns 123,013 shares of the biotechnology company’s stock worth $8,861,000 after buying an additional 120,275 shares during the last quarter. Finally, Broadcrest Asset Management LLC increased its position in Bio-Techne by 100.0% during the 3rd quarter. Broadcrest Asset Management LLC now owns 200,000 shares of the biotechnology company’s stock valued at $15,986,000 after buying an additional 100,000 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $77.05 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 3.26. Bio-Techne has a one year low of $61.16 and a one year high of $85.57. The business’s 50 day simple moving average is $74.22 and its two-hundred day simple moving average is $74.53. The stock has a market capitalization of $12.24 billion, a P/E ratio of 81.97, a price-to-earnings-growth ratio of 5.80 and a beta of 1.27.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results 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 analyst estimates of $280.22 million. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 EPS. Analysts forecast that Bio-Techne will post 1.68 EPS for the current year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 11th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Friday, November 8th. Bio-Techne’s dividend payout ratio is currently 34.04%.

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.