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

Bio-Techne Co. (NASDAQ:TECH) shares gapped up prior to trading on Wednesday following a dividend announcement from the company. 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.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TECH shares. Robert W. Baird boosted their target price on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. StockNews.com upgraded Bio-Techne from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Scotiabank raised their target price on shares of Bio-Techne from $83.00 to $88.00 and gave the stock a “sector outperform” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

Bio-Techne Stock Up 3.7 %

The business has a 50-day simple moving average of $74.62 and a 200-day simple moving average of $74.37. The company 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 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 posted its quarterly earnings data on Wednesday, February 5th. The biotechnology company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.03). Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. Equities research analysts anticipate that Bio-Techne Co. will post 1.68 EPS for the current year.

Insider Buying and Selling

In related news, CEO Kim Kelderman sold 13,392 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $77.29, for a total value of $1,035,067.68. Following the completion of the transaction, the chief executive officer now directly owns 39,004 shares in the company, valued at approximately $3,014,619.16. This represents a 25.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 3.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bio-Techne

Institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group purchased a new position in shares of Bio-Techne during the 3rd quarter worth approximately $39,000. UMB Bank n.a. lifted its stake in Bio-Techne by 46.4% during the fourth quarter. UMB Bank n.a. now owns 530 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 168 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Bio-Techne during the third quarter worth $43,000. Mather Group LLC. grew its stake in shares of Bio-Techne by 51.5% in the third quarter. Mather Group LLC. now owns 612 shares of the biotechnology company’s stock valued at $49,000 after buying an additional 208 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Bio-Techne by 60.4% in 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 period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

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.