Bank of New York Mellon Corp Has $98.94 Million Stock Position in Bio-Techne Corp $TECH

Bank of New York Mellon Corp lowered its position in Bio-Techne Corp (NASDAQ:TECH) by 20.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,923,092 shares of the biotechnology company’s stock after selling 491,279 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.23% of Bio-Techne worth $98,943,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Montanaro Asset Management Ltd grew its stake in shares of Bio-Techne by 14.9% in the 2nd quarter. Montanaro Asset Management Ltd now owns 294,950 shares of the biotechnology company’s stock valued at $15,175,000 after buying an additional 38,350 shares in the last quarter. Geneva Capital Management LLC lifted its stake in Bio-Techne by 7.9% in the second quarter. Geneva Capital Management LLC now owns 1,185,099 shares of the biotechnology company’s stock valued at $60,973,000 after acquiring an additional 86,380 shares during the last quarter. Simon Quick Advisors LLC grew its position in Bio-Techne by 134.9% in the second quarter. Simon Quick Advisors LLC now owns 11,064 shares of the biotechnology company’s stock worth $569,000 after acquiring an additional 6,354 shares in the last quarter. Atria Investments Inc increased its stake in shares of Bio-Techne by 31.1% during the 2nd quarter. Atria Investments Inc now owns 7,484 shares of the biotechnology company’s stock worth $385,000 after purchasing an additional 1,774 shares during the last quarter. Finally, Assetmark Inc. raised its holdings in shares of Bio-Techne by 1,118.3% during the 2nd quarter. Assetmark Inc. now owns 1,401 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 1,286 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

NASDAQ TECH opened at $57.41 on Friday. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $79.28. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. The stock has a market capitalization of $8.94 billion, a PE ratio of 124.81, a P/E/G ratio of 3.63 and a beta of 1.51. The stock has a 50-day simple moving average of $57.63 and a 200 day simple moving average of $53.76.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The firm had revenue of $286.56 million for the quarter, compared to analyst estimates of $292.02 million. During the same quarter last year, the firm posted $0.42 EPS. The company’s revenue was down 1.0% on a year-over-year basis. Research analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 17th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. Bio-Techne’s payout ratio is 69.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada upgraded shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. Scotiabank decreased their price target on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a research note on Friday, July 11th. Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and increased their price objective for the company from $55.00 to $70.00 in a report on Thursday, August 21st. Stephens raised Bio-Techne to a “strong-buy” rating and set a $65.00 price objective on the stock in a research note on Tuesday, July 22nd. Finally, TD Cowen upped their target price on Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.17.

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.