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 research analysts have also recently issued research reports about the stock. Leerink Swann reaffirmed a hold rating on shares of Techne Corp. in a report on Sunday, July 10th. Robert W. Baird lifted their price objective on shares of Techne Corp. from $115.00 to $116.00 and gave the company an outperform rating in a report on Thursday, August 18th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $115.40.
Techne Corp. (NASDAQ:TECH) opened at 109.50 on Tuesday. The company has a 50 day moving average of $107.89 and a 200-day moving average of $105.27. The company has a market cap of $4.08 billion, a P/E ratio of 39.11 and a beta of 0.63. Techne Corp. has a one year low of $79.95 and a one year high of $117.42.
Techne Corp. (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, August 17th. The company reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by $0.04. Techne Corp. had a net margin of 20.94% and a return on equity of 14.49%. The firm earned $134.80 million during the quarter, compared to analysts’ expectations of $129.23 million. During the same period in the previous year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities analysts expect that Techne Corp. will post $3.64 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Monday, August 29th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.17%. Techne Corp.’s dividend payout ratio is currently 45.71%.
In related news, SVP Kevin S. Gould sold 524 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $110.50, for a total transaction of $57,902.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John L. Higgins sold 1,700 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $109.83, for a total transaction of $186,711.00. Following the sale, the director now directly owns 1,359 shares of the company’s stock, valued at approximately $149,258.97. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Techne Corp. during the fourth quarter valued at about $41,127,000. Lord Abbett & CO. LLC acquired a new stake in shares of Techne Corp. during the second quarter valued at about $35,169,000. Goldman Sachs Group Inc. boosted its stake in shares of Techne Corp. by 158.7% in the first quarter. Goldman Sachs Group Inc. now owns 314,482 shares of the company’s stock valued at $29,725,000 after buying an additional 192,930 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Techne Corp. during the second quarter valued at about $16,695,000. Finally, BlackRock Fund Advisors boosted its stake in shares of Techne Corp. by 2.5% in the first quarter. BlackRock Fund Advisors now owns 1,769,433 shares of the company’s stock valued at $167,247,000 after buying an additional 43,591 shares in the last quarter. 98.18% of the stock is owned by institutional investors.
About Techne Corp.
Bio-Techne Corporation (Bio-Techne), formerly Techne Corporation, develops, manufactures and sells biotechnology reagents, instruments and clinical diagnostic products around the world. The Company has three business segments: the Biotechnology, Clinical Controls and Protein Platforms divisions. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products around the world.
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