Robert W. Baird Forecasts Strong Price Appreciation for Bio-Techne (NASDAQ:TECH) Stock

Bio-Techne (NASDAQ:TECH) had its target price lifted by Robert W. Baird from $82.00 to $84.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the biotechnology company’s stock. Robert W. Baird’s price objective would suggest a potential upside of 10.50% from the stock’s previous close.

TECH has been the topic of several other reports. Benchmark reiterated a “buy” rating and set a $95.00 price target on shares of Bio-Techne in a research note on Tuesday, August 13th. Royal Bank of Canada cut their price target on shares of Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.80.

Bio-Techne Price Performance

Bio-Techne stock opened at $76.02 on Thursday. The company has a fifty day simple moving average of $73.58 and a 200-day simple moving average of $74.52. Bio-Techne has a 12-month low of $51.79 and a 12-month high of $85.57. The company has a current ratio of 3.87, a quick ratio of 2.75 and a debt-to-equity ratio of 0.15. The stock has a market cap of $11.98 billion, a P/E ratio of 60.33, a price-to-earnings-growth ratio of 4.96 and a beta of 1.27.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm had revenue of $306.10 million for the quarter, compared to analyst estimates of $306.49 million. During the same period last year, the business earned $0.56 EPS. Bio-Techne’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities analysts expect that Bio-Techne will post 1.7 EPS for the current fiscal year.

Institutional Trading of Bio-Techne

Several institutional investors and hedge funds have recently added to or reduced their stakes in TECH. Price T Rowe Associates Inc. MD increased its position in Bio-Techne by 92.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,746,119 shares of the biotechnology company’s stock worth $404,470,000 after purchasing an additional 2,755,065 shares during the period. Mackenzie Financial Corp increased its position in Bio-Techne by 8.2% during the 2nd quarter. Mackenzie Financial Corp now owns 2,862,260 shares of the biotechnology company’s stock worth $205,081,000 after purchasing an additional 216,044 shares during the period. Massachusetts Financial Services Co. MA increased its position in Bio-Techne by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,589,799 shares of the biotechnology company’s stock worth $185,559,000 after purchasing an additional 88,257 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Bio-Techne by 20.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,714,994 shares of the biotechnology company’s stock worth $122,879,000 after purchasing an additional 290,510 shares during the period. Finally, Janus Henderson Group PLC increased its position in Bio-Techne by 1.3% during the 1st quarter. Janus Henderson Group PLC now owns 995,824 shares of the biotechnology company’s stock worth $70,095,000 after purchasing an additional 12,991 shares during the period. 98.95% of the stock is 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.