Zacks Investment Research Lowers BIO-TECHNE (TECH) to Hold

Zacks Investment Research downgraded shares of BIO-TECHNE (NASDAQ:TECH) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Bio-Techne Corporation is a global life sciences company. It develops, manufactures, and sells biotechnology products and clinical diagnostic controls. It provides proteins, such as cytokines, growth factors, and enzymes; antibodies, including polyclonal and monoclonal antibodies; immunoassays comprising quantikine kits; and clinical diagnostic immunoassay kits. The Company also offers flow cytometry products; natural and synthetic chemical compounds; hematology controls and calibrators; and hematology control products. Bio-Techne Corporation, formerly known as Techne Corporation, is headquartered in Minneapolis, Minnesota. “

Other equities analysts have also recently issued reports about the company. BidaskClub cut BIO-TECHNE from a buy rating to a hold rating in a research note on Tuesday, December 5th. Deutsche Bank set a $132.00 price objective on BIO-TECHNE and gave the stock a buy rating in a research report on Wednesday, August 30th. Leerink Swann reiterated a buy rating on shares of BIO-TECHNE in a research report on Tuesday, December 5th. Finally, Citigroup reiterated a buy rating and issued a $115.00 price objective (down from $125.00) on shares of BIO-TECHNE in a research report on Tuesday, October 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. BIO-TECHNE has an average rating of Hold and a consensus target price of $135.00.

BIO-TECHNE (NASDAQ:TECH) opened at $129.55 on Wednesday. The firm has a market capitalization of $4,802.65, a PE ratio of 67.12, a P/E/G ratio of 3.20 and a beta of 0.75. 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 1-year low of $95.68 and a 1-year high of $136.39.

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

In other BIO-TECHNE news, Director Robert V. Baumgartner sold 5,000 shares of BIO-TECHNE stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $130.18, for a total transaction of $650,900.00. Following the completion of the transaction, the director now owns 12,712 shares in the company, valued at $1,654,848.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.40% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in BIO-TECHNE by 12.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,456 shares of the biotechnology company’s stock valued at $171,000 after acquiring an additional 163 shares during the last quarter. Zions Bancorporation bought a new stake in BIO-TECHNE during the third quarter valued at about $178,000. Flinton Capital Management LLC grew its holdings in BIO-TECHNE by 84.8% during the second quarter. Flinton Capital Management LLC now owns 1,952 shares of the biotechnology company’s stock valued at $229,000 after purchasing an additional 896 shares during the period. Turner Investments LLC bought a new stake in BIO-TECHNE during the third quarter valued at about $242,000. Finally, Koch Industries Inc. bought a new stake in BIO-TECHNE during the second quarter valued at about $286,000. Hedge funds and other institutional investors own 96.96% of the company’s stock.

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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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