Bio-Techne (NASDAQ:TECH) Downgraded to “Hold” Rating by Evercore ISI

Evercore ISI lowered shares of Bio-Techne (NASDAQ:TECH) from an outperform rating to a hold rating in a research report report published on Monday, Marketbeat Ratings reports. They currently have $62.00 price objective on the biotechnology company’s stock, down from their previous price objective of $68.00.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company increased their price objective on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Cowen reiterated a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. Argus raised their price objective on Bio-Techne from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Bio-Techne in a research report on Wednesday, October 8th. Finally, Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Bio-Techne has a consensus rating of “Moderate Buy” and a consensus price target of $70.57.

Bio-Techne Stock Performance

Shares of Bio-Techne stock opened at $63.03 on Monday. The business has a 50-day moving average price of $60.40 and a two-hundred day moving average price of $56.94. Bio-Techne has a 1-year low of $46.01 and a 1-year high of $79.28. The company has a current ratio of 4.22, a quick ratio of 2.81 and a debt-to-equity ratio of 0.15. The company has a market cap of $9.82 billion, a P/E ratio of 128.64, a PEG ratio of 4.11 and a beta of 1.47.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $286.56 million for the quarter, compared to analyst estimates of $292.02 million. Bio-Techne had a return on equity of 13.59% and a net margin of 6.41%.The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 EPS. As a group, analysts anticipate that Bio-Techne will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Monday, November 17th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, November 17th. This represents a $0.32 annualized dividend and a yield of 0.5%. Bio-Techne’s dividend payout ratio (DPR) is 65.31%.

Institutional Trading of Bio-Techne

Several institutional investors and hedge funds have recently made changes to their positions in TECH. Wellington Management Group LLP boosted its holdings in Bio-Techne by 349.8% during the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after purchasing an additional 3,978,026 shares during the last quarter. Invesco Ltd. lifted its position in shares of Bio-Techne by 7.7% during the 3rd quarter. Invesco Ltd. now owns 3,946,028 shares of the biotechnology company’s stock worth $219,518,000 after buying an additional 283,303 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Bio-Techne by 32.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 3,307,116 shares of the biotechnology company’s stock worth $183,975,000 after buying an additional 807,147 shares during the last quarter. Mairs & Power Inc. grew its holdings in shares of Bio-Techne by 3.4% in the third quarter. Mairs & Power Inc. now owns 2,807,409 shares of the biotechnology company’s stock valued at $156,176,000 after acquiring an additional 91,031 shares in the last quarter. Finally, DF Dent & Co. Inc. grew its holdings in shares of Bio-Techne by 2.1% in the third quarter. DF Dent & Co. Inc. now owns 2,780,961 shares of the biotechnology company’s stock valued at $154,705,000 after acquiring an additional 56,219 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.