Bio-Techne (NASDAQ:TECH) Shares Gap Up After Dividend Announcement

Shares of Bio-Techne Co. (NASDAQ:TECH) gapped up prior to trading on Wednesday after the company announced a dividend. The stock had previously closed at $72.55, but opened at $79.28. Bio-Techne shares last traded at $77.26, with a volume of 402,167 shares trading hands.

The newly announced dividend which will be paid on Friday, February 28th. Shareholders of record on Monday, February 17th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. Bio-Techne’s dividend payout ratio is 34.04%.

Analyst Ratings Changes

TECH has been the topic of a number of research analyst reports. StockNews.com upgraded Bio-Techne from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Scotiabank raised their price objective on Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 31st. Finally, Robert W. Baird lifted their price target on Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Bio-Techne presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

Bio-Techne Stock Performance

The stock has a market cap of $11.96 billion, a PE ratio of 80.05, a P/E/G ratio of 5.42 and a beta of 1.27. The company has a fifty day moving average price of $74.62 and a 200 day moving average price of $74.37. The company has a quick ratio of 3.26, a current ratio of 4.56 and a debt-to-equity ratio of 0.14.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, February 5th. The biotechnology company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.03). Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. Analysts expect that Bio-Techne Co. will post 1.68 earnings per share for the current year.

Insider Buying and Selling at Bio-Techne

In other Bio-Techne news, CEO Kim Kelderman sold 13,392 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $77.29, for a total transaction of $1,035,067.68. Following the completion of the sale, the chief executive officer now owns 39,004 shares of the company’s stock, valued at approximately $3,014,619.16. The trade was a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 3.90% of the company’s stock.

Hedge Funds Weigh In On Bio-Techne

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. bought a new stake in Bio-Techne during the 3rd quarter valued at approximately $89,724,000. Sumitomo Mitsui Trust Group Inc. grew its position in Bio-Techne by 21.0% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,040,840 shares of the biotechnology company’s stock worth $147,002,000 after acquiring an additional 354,478 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Bio-Techne during the 3rd quarter valued at $20,071,000. Proficio Capital Partners LLC lifted its holdings in shares of Bio-Techne by 8,079.6% in the 4th quarter. Proficio Capital Partners LLC now owns 242,525 shares of the biotechnology company’s stock worth $17,469,000 after acquiring an additional 239,560 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its position in shares of Bio-Techne by 4,392.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 123,013 shares of the biotechnology company’s stock valued at $8,861,000 after buying an additional 120,275 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Company Profile

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.