Madison Asset Management LLC purchased a new stake in Bio-Techne Corp (NASDAQ:TECH – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,063,473 shares of the biotechnology company’s stock, valued at approximately $75,134,000.
Other institutional investors have also modified their holdings of the company. Impax Asset Management Group plc purchased a new stake in Bio-Techne in the 4th quarter worth approximately $11,468,000. Comerica Bank increased its holdings in shares of Bio-Techne by 56.4% during the 4th quarter. Comerica Bank now owns 105,481 shares of the biotechnology company’s stock valued at $6,203,000 after purchasing an additional 38,031 shares in the last quarter. Nicholas Company Inc. increased its holdings in shares of Bio-Techne by 6.5% during the 4th quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company’s stock valued at $22,983,000 after purchasing an additional 23,785 shares in the last quarter. American Capital Management Inc. lifted its stake in shares of Bio-Techne by 8.5% in the 1st quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company’s stock valued at $53,364,000 after purchasing an additional 79,979 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Bio-Techne by 316.7% in the 4th quarter. Principal Financial Group Inc. now owns 703,477 shares of the biotechnology company’s stock valued at $41,373,000 after purchasing an additional 534,676 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.
Analyst Ratings Changes
Several analysts recently commented on the stock. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an “equal weight” rating in a research report on Friday, June 26th. Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a research report on Thursday, June 25th. Robert W. Baird increased their target price on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Wells Fargo & Company cut Bio-Techne from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Finally, Zacks Research lowered Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.92.
Bio-Techne Price Performance
Shares of Bio-Techne stock opened at $72.48 on Thursday. The stock has a market capitalization of $11.35 billion, a P/E ratio of 63.03, a PEG ratio of 8.60 and a beta of 1.28. The business has a 50 day simple moving average of $68.55 and a two-hundred day simple moving average of $59.39. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35.
Bio-Techne (NASDAQ:TECH – Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same period in the previous year, the company posted $0.53 earnings per share. The business’s revenue was up 1.3% on a year-over-year basis. As a group, analysts predict that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.
Bio-Techne Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Monday, August 24th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s payout ratio is 27.83%.
About Bio-Techne
Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.
Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.
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