Bio-Techne (NASDAQ:TECH) Reaches New 52-Week High – What’s Next?

Bio-Techne Corp (NASDAQ:TECH) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $72.62 and last traded at $72.6550, with a volume of 2053544 shares trading hands. The stock had previously closed at $72.47.

Wall Street Analyst Weigh In

Several research firms have recently commented on TECH. TD Cowen downgraded Bio-Techne from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Piper Sandler started coverage on Bio-Techne in a report on Thursday, June 11th. They set a “neutral” rating and a $65.00 target price for the company. Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Benchmark reaffirmed a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Finally, Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Price Performance

The business’s 50-day simple moving average is $72.14 and its 200-day simple moving average is $61.22. The stock has a market cap of $11.40 billion, a PE ratio of 63.19, a PEG ratio of 8.61 and a beta of 1.28. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The company had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. During the same period in the prior year, the business posted $0.53 earnings per share. Bio-Techne’s revenue for the quarter was up 1.3% on a year-over-year basis. On average, research analysts expect that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a dividend of $0.65 per share. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, August 24th. Bio-Techne’s dividend payout ratio is currently 27.83%.

Institutional Trading of Bio-Techne

Several large investors have recently added to or reduced their stakes in TECH. S&CO Inc. purchased a new position in Bio-Techne in the 2nd quarter worth approximately $5,412,000. American Capital Management Inc. increased its holdings in shares of Bio-Techne by 8.5% in the 1st quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company’s stock worth $53,364,000 after purchasing an additional 79,979 shares in the last quarter. P Schoenfeld Asset Management LP purchased a new position in shares of Bio-Techne in the second quarter worth $4,592,250. Ceredex Value Advisors LLC bought a new position in shares of Bio-Techne during the second quarter valued at $8,488,000. Finally, Harvest Management LLC bought a new position in shares of Bio-Techne during the second quarter valued at $12,010,000. 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 and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.