BIO-TECHNE Corp (NASDAQ:TECH) declared a quarterly dividend on Tuesday, October 30th, NASDAQ reports. Shareholders of record on Friday, November 9th will be paid a dividend of 0.32 per share by the biotechnology company on Friday, November 23rd. This represents a $1.28 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Thursday, November 8th.
BIO-TECHNE has increased its dividend by an average of 0.8% annually over the last three years. BIO-TECHNE has a payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect BIO-TECHNE to earn $4.34 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 29.5%.
Shares of TECH stock traded up $0.88 during mid-day trading on Friday, hitting $170.23. 243,789 shares of the stock were exchanged, compared to its average volume of 303,502. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 42.79, a PEG ratio of 2.84 and a beta of 1.04. BIO-TECHNE has a 12-month low of $121.26 and a 12-month high of $206.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 3.93 and a current ratio of 4.65.
In other news, Director Charles A. Dinarello sold 5,000 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $176.94, for a total transaction of $884,700.00. Following the completion of the sale, the director now owns 13,212 shares in the company, valued at $2,337,731.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Higgins sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now owns 13,012 shares of the company’s stock, valued at approximately $2,445,215.04. The disclosure for this sale can be found here. 3.80% of the stock is currently owned by corporate insiders.
Several equities analysts have issued reports on the company. Zacks Investment Research lowered BIO-TECHNE from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 15th. ValuEngine upgraded shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. Argus increased their target price on shares of BIO-TECHNE from $210.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, October 2nd. Citigroup increased their target price on shares of BIO-TECHNE from $160.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. Finally, Robert W. Baird increased their target price on shares of BIO-TECHNE from $162.00 to $191.00 and gave the stock a “positive” rating in a research note on Wednesday, August 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $184.13.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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