Bio-Techne (NASDAQ:TECH) Stock Price Down 4.5% – Here’s What Happened

Shares of Bio-Techne Co. (NASDAQ:TECH) traded down 4.5% during trading on Thursday . The stock traded as low as $74.45 and last traded at $75.19. 333,414 shares were traded during mid-day trading, a decline of 60% from the average session volume of 838,261 shares. The stock had previously closed at $78.71.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Scotiabank boosted their price objective on shares of Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research report on Thursday, October 31st. Robert W. Baird upped their target price on Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded Bio-Techne from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Bio-Techne Stock Performance

The firm has a market cap of $12.11 billion, a price-to-earnings ratio of 81.10, a P/E/G ratio of 5.81 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 3.26. The firm has a fifty day simple moving average of $73.94 and a two-hundred day simple moving average of $74.46.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The company had revenue of $289.46 million during the quarter, compared to analysts’ expectations of $280.22 million. During the same period last year, the business earned $0.35 EPS. Bio-Techne’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts expect that Bio-Techne Co. will post 1.68 EPS for the current year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Monday, November 11th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, November 8th. Bio-Techne’s payout ratio is 34.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. UMB Bank n.a. lifted its stake in Bio-Techne by 46.4% during the 4th quarter. UMB Bank n.a. now owns 530 shares of the biotechnology company’s stock valued at $38,000 after acquiring an additional 168 shares during the period. Brooklyn Investment Group purchased a new stake in Bio-Techne in the third quarter valued at $39,000. Quest Partners LLC acquired a new stake in Bio-Techne during the 3rd quarter worth about $43,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Bio-Techne by 60.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 672 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 253 shares during the last quarter. Finally, Mather Group LLC. lifted its holdings in shares of Bio-Techne by 51.5% in the 3rd quarter. Mather Group LLC. now owns 612 shares of the biotechnology company’s stock valued at $49,000 after buying an additional 208 shares during the period. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.