Bio-Techne (NASDAQ:TECH) Issues Quarterly Earnings Results, Meets Estimates

by · The Cerbat Gem

Bio-Techne (NASDAQ:TECH – Get Free Report) issued its quarterly earnings results on Friday. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.44, FiscalAI reports. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%. The firm had revenue of $299.71 million for the quarter, compared to analysts’ expectations of $292.60 million.

Bio-Techne Stock Performance

TECH traded up $0.12 during trading on Friday, reaching $72.78. The company’s stock had a trading volume of 2,307,614 shares, compared to its average volume of 3,295,218. Bio-Techne has a 52-week low of $43.19 and a 52-week high of $72.83. The company’s fifty day moving average price is $72.48 and its 200-day moving average price is $63.37. The company has a market capitalization of $11.43 billion, a price-to-earnings ratio of 63.29, a price-to-earnings-growth ratio of 5.28 and a beta of 1.29. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.

Bio-Techne Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Friday, November 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. This is a drop from Bio-Techne’s previous quarterly dividend of $0.65. Bio-Techne’s dividend payout ratio is presently 27.83%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and lifted their target price for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Zacks Research upgraded Bio-Techne from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 29th. Weiss Ratings raised Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Argus downgraded Bio-Techne from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 26th. Finally, Royal Bank Of Canada lowered shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.92.

Get Our Latest Analysis on Bio-Techne

Bio-Techne Company Profile

(Get Free Report)

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.

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