Bio-Techne (NASDAQ:TECH) Releases Earnings Results, Misses Estimates By $0.03 EPS

Bio-Techne (NASDAQ:TECHGet Rating) announced its quarterly earnings data on Thursday. The biotechnology company reported $2.05 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.03), Briefing.com reports. Bio-Techne had a net margin of 20.95% and a return on equity of 16.82%. The business had revenue of $288.30 million during the quarter, compared to analyst estimates of $287.04 million. During the same quarter in the prior year, the company earned $1.67 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis.

Bio-Techne Stock Performance

Bio-Techne stock traded down $7.93 during midday trading on Friday, hitting $382.97. 177,466 shares of the company were exchanged, compared to its average volume of 255,677. The firm has a market capitalization of $15.03 billion, a PE ratio of 69.89, a price-to-earnings-growth ratio of 1.80 and a beta of 1.22. Bio-Techne has a fifty-two week low of $318.07 and a fifty-two week high of $543.85. The business has a fifty day simple moving average of $357.01 and a two-hundred day simple moving average of $386.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.79 and a current ratio of 3.56.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 29th. Stockholders of record on Monday, August 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, August 12th. Bio-Techne’s payout ratio is 23.36%.

Insider Buying and Selling at Bio-Techne

In other Bio-Techne news, Director Robert V. Baumgartner bought 300 shares of Bio-Techne stock in a transaction on Tuesday, May 10th. The shares were bought at an average price of $352.55 per share, for a total transaction of $105,765.00. Following the completion of the transaction, the director now directly owns 10,106 shares of the company’s stock, valued at $3,562,870.30. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Robert V. Baumgartner acquired 300 shares of Bio-Techne stock in a transaction on Tuesday, May 10th. The stock was purchased at an average cost of $352.55 per share, with a total value of $105,765.00. Following the purchase, the director now directly owns 10,106 shares in the company, valued at $3,562,870.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John L. Higgins sold 1,000 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $364.31, for a total value of $364,310.00. Following the transaction, the director now directly owns 4,606 shares of the company’s stock, valued at $1,678,011.86. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bio-Techne

A number of hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in Bio-Techne in the first quarter worth approximately $56,000. Evercore Wealth Management LLC increased its stake in Bio-Techne by 9.3% in the first quarter. Evercore Wealth Management LLC now owns 575 shares of the biotechnology company’s stock valued at $249,000 after acquiring an additional 49 shares during the period. Canada Pension Plan Investment Board increased its stake in Bio-Techne by 85.0% in the first quarter. Canada Pension Plan Investment Board now owns 655 shares of the biotechnology company’s stock valued at $284,000 after acquiring an additional 301 shares during the period. Virtu Financial LLC bought a new stake in Bio-Techne during the first quarter worth about $293,000. Finally, Wetherby Asset Management Inc. grew its stake in Bio-Techne by 4.8% during the first quarter. Wetherby Asset Management Inc. now owns 737 shares of the biotechnology company’s stock worth $319,000 after buying an additional 34 shares during the last quarter. 94.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TECH. KeyCorp decreased their target price on shares of Bio-Techne from $600.00 to $500.00 in a research report on Thursday, May 5th. Stephens dropped their price objective on shares of Bio-Techne from $500.00 to $480.00 and set an “overweight” rating for the company in a research note on Friday. Robert W. Baird decreased their price target on shares of Bio-Techne from $500.00 to $470.00 in a report on Friday. Finally, Wells Fargo & Company downgraded shares of Bio-Techne from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $400.00 to $370.00 in a research report on Monday, April 25th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $496.43.

Bio-Techne Company Profile

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Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.

Further Reading

Earnings History for Bio-Techne (NASDAQ:TECH)

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