Craig Hallum Lowers BIO-TECHNE (TECH) to Hold

Craig Hallum lowered shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a report published on Wednesday, MarketBeat Ratings reports. They currently have $154.00 price objective on the biotechnology company’s stock, down from their prior price objective of $215.00.

TECH has been the topic of several other reports. BidaskClub upgraded shares of BIO-TECHNE from a buy rating to a strong-buy rating in a report on Saturday, July 28th. Zacks Investment Research cut shares of BIO-TECHNE from a hold rating to a sell rating in a research note on Thursday, September 27th. Goldman Sachs Group began coverage on shares of BIO-TECHNE in a research note on Wednesday, October 17th. They issued a neutral rating and a $190.00 target price on the stock. Citigroup boosted their target price on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a buy rating in a research note on Thursday, August 9th. Finally, Robert W. Baird boosted their target price on shares of BIO-TECHNE from $162.00 to $191.00 and gave the company 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 assigned a strong buy rating to the company. BIO-TECHNE currently has a consensus rating of Buy and an average target price of $184.13.

BIO-TECHNE stock traded up $0.88 during midday trading on Wednesday, hitting $170.23. 243,789 shares of the stock were exchanged, compared to its average volume of 303,502. BIO-TECHNE has a 52-week low of $121.26 and a 52-week high of $206.04. The stock has a market cap of $6.33 billion, a PE ratio of 42.79, a price-to-earnings-growth ratio of 2.84 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a quick ratio of 3.93 and a current ratio of 4.65.

BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The business had revenue of $163.00 million for the quarter, compared to analysts’ expectations of $162.34 million. During the same period in the previous year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. As a group, analysts predict that BIO-TECHNE will post 3.93 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Thursday, November 8th. BIO-TECHNE’s payout ratio is 31.45%.

In other BIO-TECHNE news, Director Charles A. Dinarello sold 5,000 shares of the business’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $176.94, for a total value of $884,700.00. Following the transaction, the director now directly owns 13,212 shares in the company, valued at $2,337,731.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John L. Higgins sold 10,000 shares of the business’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 transaction, the director now owns 13,012 shares in the company, valued at $2,445,215.04. The disclosure for this sale can be found here. 3.80% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in shares of BIO-TECHNE by 9.0% in the second quarter. Tower Research Capital LLC TRC now owns 3,604 shares of the biotechnology company’s stock valued at $533,000 after purchasing an additional 299 shares during the period. Brookstone Capital Management raised its position in shares of BIO-TECHNE by 14.4% in the second quarter. Brookstone Capital Management now owns 3,378 shares of the biotechnology company’s stock valued at $500,000 after purchasing an additional 426 shares during the period. Meeder Asset Management Inc. raised its position in shares of BIO-TECHNE by 220.3% in the third quarter. Meeder Asset Management Inc. now owns 711 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 489 shares during the period. LPL Financial LLC raised its position in shares of BIO-TECHNE by 21.9% in the first quarter. LPL Financial LLC now owns 3,072 shares of the biotechnology company’s stock valued at $458,000 after purchasing an additional 551 shares during the period. Finally, Arizona State Retirement System raised its position in shares of BIO-TECHNE by 2.7% in the third quarter. Arizona State Retirement System now owns 26,791 shares of the biotechnology company’s stock valued at $5,468,000 after purchasing an additional 704 shares during the period. Hedge funds and other institutional investors own 93.93% of the company’s stock.

BIO-TECHNE Company Profile

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.

Further Reading: Technical Analysis

Analyst Recommendations for BIO-TECHNE (NASDAQ:TECH)

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