Bio-Techne (TECH) Downgraded to “Hold” at BidaskClub

BidaskClub cut shares of Bio-Techne (NASDAQ:TECH) from a buy rating to a hold rating in a research note published on Tuesday.

A number of other brokerages have also recently commented on TECH. Zacks Investment Research raised shares of Bio-Techne from a hold rating to a buy rating and set a $136.00 target price for the company in a report on Wednesday, October 11th. Deutsche Bank set a $145.00 target price on shares of Bio-Techne and gave the company a buy rating in a report on Tuesday, October 31st. Finally, Citigroup reaffirmed a buy rating and set a $115.00 target price (down from $125.00) on shares of Bio-Techne in a report on Tuesday, October 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Bio-Techne has an average rating of Buy and an average price target of $134.33.

Bio-Techne (NASDAQ:TECH) opened at $128.47 on Tuesday. The company has a current ratio of 2.87, a quick ratio of 2.25 and a debt-to-equity ratio of 0.35. Bio-Techne has a twelve month low of $95.68 and a twelve month high of $136.39. The firm has a market cap of $4,862.97, a P/E ratio of 37.41, a PEG ratio of 3.24 and a beta of 0.75.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, October 31st. The biotechnology company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.08. Bio-Techne had a net margin of 12.54% and a return on equity of 14.11%. The firm had revenue of $144.61 million during the quarter, compared to analysts’ expectations of $142.37 million. During the same period in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. analysts anticipate that Bio-Techne will post 3.76 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 24th. Shareholders of record on Friday, November 10th were issued a dividend of $0.32 per share. The ex-dividend date was Thursday, November 9th. This represents a $1.28 dividend on an annualized basis and a yield of 1.00%. Bio-Techne’s dividend payout ratio is currently 66.32%.

In other Bio-Techne news, Director Robert V. Baumgartner sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $130.18, for a total transaction of $650,900.00. Following the completion of the sale, the director now directly owns 12,712 shares of the company’s stock, valued at $1,654,848.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 5,200 shares of company stock valued at $675,190. 3.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC boosted its position in shares of Bio-Techne by 334.3% in the second quarter. Janus Henderson Group PLC now owns 1,188,108 shares of the biotechnology company’s stock worth $139,603,000 after purchasing an additional 914,554 shares during the period. American Century Companies Inc. boosted its position in shares of Bio-Techne by 174.8% in the second quarter. American Century Companies Inc. now owns 731,589 shares of the biotechnology company’s stock worth $85,962,000 after purchasing an additional 465,398 shares during the period. Koch Industries Inc. bought a new position in shares of Bio-Techne in the second quarter worth approximately $286,000. Schroder Investment Management Group boosted its position in shares of Bio-Techne by 222.0% in the second quarter. Schroder Investment Management Group now owns 342,815 shares of the biotechnology company’s stock worth $40,220,000 after purchasing an additional 236,362 shares during the period. Finally, Commonwealth Bank of Australia boosted its position in shares of Bio-Techne by 1,358.0% in the second quarter. Commonwealth Bank of Australia now owns 179,878 shares of the biotechnology company’s stock worth $21,135,000 after purchasing an additional 167,541 shares during the period. 97.03% of the stock is owned by institutional investors and hedge funds.

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Bio-Techne Company Profile

Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.

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