BIO-TECHNE (NASDAQ:TECH) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of BIO-TECHNE (NASDAQ:TECH) from a sell rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

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. “

TECH has been the topic of a number of other research reports. TheStreet lowered BIO-TECHNE from a b rating to a c+ rating in a research note on Tuesday, August 6th. Leerink Swann reissued an outperform rating and set a $240.00 price target (up previously from $230.00) on shares of BIO-TECHNE in a research note on Thursday, September 26th. Janney Montgomery Scott raised BIO-TECHNE from a neutral rating to a buy rating and increased their price target for the stock from $200.00 to $270.00 in a research note on Tuesday, July 2nd. ValuEngine lowered BIO-TECHNE from a strong-buy rating to a buy rating in a research note on Thursday, August 1st. Finally, BidaskClub raised BIO-TECHNE from a sell rating to a hold rating in a research note on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $212.83.

Shares of BIO-TECHNE stock opened at $200.95 on Wednesday. BIO-TECHNE has a fifty-two week low of $132.75 and a fifty-two week high of $217.15. The firm has a market cap of $7.61 billion, a PE ratio of 52.61, a P/E/G ratio of 4.24 and a beta of 1.21. The business’s fifty day moving average is $195.08 and its two-hundred day moving average is $200.77. The company has a quick ratio of 3.15, a current ratio of 4.05 and a debt-to-equity ratio of 0.42.

BIO-TECHNE (NASDAQ:TECH) last issued its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.08. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. The company had revenue of $191.66 million for the quarter, compared to analyst estimates of $196.37 million. During the same quarter in the prior year, the company posted $1.34 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts anticipate that BIO-TECHNE will post 4.31 EPS for the current year.

In other news, CEO Charles R. Kummeth bought 200 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average cost of $185.00 per share, with a total value of $37,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert V. Baumgartner bought 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $191.06 per share, for a total transaction of $95,530.00. Following the completion of the transaction, the director now directly owns 8,726 shares in the company, valued at approximately $1,667,189.56. The disclosure for this purchase can be found here. Company insiders own 4.20% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of BIO-TECHNE by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 3,512,553 shares of the biotechnology company’s stock worth $732,332,000 after buying an additional 19,589 shares during the period. Atlanta Capital Management Co. L L C raised its position in shares of BIO-TECHNE by 0.8% in the 2nd quarter. Atlanta Capital Management Co. L L C now owns 1,351,337 shares of the biotechnology company’s stock worth $281,740,000 after buying an additional 10,980 shares during the period. Invesco Ltd. raised its position in shares of BIO-TECHNE by 97.1% in the 2nd quarter. Invesco Ltd. now owns 1,064,196 shares of the biotechnology company’s stock worth $221,874,000 after buying an additional 524,216 shares during the period. Jackson Square Partners LLC raised its position in shares of BIO-TECHNE by 3.9% in the 1st quarter. Jackson Square Partners LLC now owns 882,634 shares of the biotechnology company’s stock worth $175,246,000 after buying an additional 33,357 shares during the period. Finally, Champlain Investment Partners LLC raised its position in shares of BIO-TECHNE by 1.7% in the 1st quarter. Champlain Investment Partners LLC now owns 720,090 shares of the biotechnology company’s stock worth $142,974,000 after buying an additional 11,990 shares during the period. 92.06% of the stock is currently owned by institutional investors and hedge funds.

BIO-TECHNE Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

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