Brokerages forecast that BIO-TECHNE Corp (NASDAQ:TECH) will announce sales of $185.70 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for BIO-TECHNE’s earnings. The highest sales estimate is $186.60 million and the lowest is $185.09 million. BIO-TECHNE posted sales of $183.24 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 1.3%. The company is scheduled to announce its next quarterly earnings results on Tuesday, November 3rd.
According to Zacks, analysts expect that BIO-TECHNE will report full-year sales of $823.80 million for the current financial year, with estimates ranging from $814.40 million to $831.00 million. For the next year, analysts expect that the firm will report sales of $928.44 million, with estimates ranging from $914.30 million to $947.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow BIO-TECHNE.
BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, August 4th. The biotechnology company reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.43. BIO-TECHNE had a return on equity of 11.94% and a net margin of 31.04%. The business had revenue of $175.83 million for the quarter, compared to the consensus estimate of $165.70 million. During the same quarter in the previous year, the company posted $1.25 EPS. The company’s revenue was down 8.3% compared to the same quarter last year.
TECH has been the subject of a number of recent analyst reports. Citigroup boosted their price objective on BIO-TECHNE from $230.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. BidaskClub cut BIO-TECHNE from a “sell” rating to a “strong sell” rating in a report on Thursday, August 27th. Wells Fargo & Company reiterated a “hold” rating on shares of BIO-TECHNE in a report on Tuesday, August 4th. SVB Leerink upped their target price on BIO-TECHNE from $265.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Finally, Zacks Investment Research upgraded BIO-TECHNE from a “hold” rating to a “strong-buy” rating and set a $297.00 target price for the company in a report on Thursday, August 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. BIO-TECHNE currently has an average rating of “Hold” and a consensus target price of $280.80.
TECH traded down $1.81 during trading hours on Wednesday, reaching $246.90. 152,758 shares of the company’s stock traded hands, compared to its average volume of 219,717. The firm has a 50-day moving average price of $249.96 and a 200 day moving average price of $243.12. BIO-TECHNE has a 52-week low of $155.17 and a 52-week high of $286.68. The company has a quick ratio of 3.92, a current ratio of 4.88 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $9.52 billion, a PE ratio of 42.64, a PEG ratio of 7.22 and a beta of 0.98.
In related news, SVP Brenda S. Furlow sold 9,079 shares of the company’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $275.76, for a total transaction of $2,503,625.04. Following the transaction, the senior vice president now directly owns 13,390 shares of the company’s stock, valued at approximately $3,692,426.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Hippel sold 2,577 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $271.43, for a total value of $699,475.11. Following the transaction, the chief financial officer now directly owns 30,809 shares in the company, valued at $8,362,486.87. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its position in BIO-TECHNE by 2.1% during the 2nd quarter. Principal Financial Group Inc. now owns 119,886 shares of the biotechnology company’s stock valued at $31,659,000 after buying an additional 2,422 shares in the last quarter. WFA of San Diego LLC acquired a new position in BIO-TECHNE during the 2nd quarter valued at about $2,164,000. Quadrature Capital Ltd acquired a new position in BIO-TECHNE during the 2nd quarter valued at about $475,000. Handelsbanken Fonder AB acquired a new position in BIO-TECHNE during the 2nd quarter valued at about $2,492,000. Finally, Nuveen Asset Management LLC increased its holdings in shares of BIO-TECHNE by 4.2% in the second quarter. Nuveen Asset Management LLC now owns 91,637 shares of the biotechnology company’s stock valued at $24,199,000 after purchasing an additional 3,721 shares during the period. 94.49% of the stock is currently owned by institutional investors.
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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