NewEdge Advisors LLC boosted its stake in shares of Bio-Techne Corp (NASDAQ:TECH – Free Report) by 15,993.8% in the first quarter, HoldingsChannel reports. The firm owned 7,725 shares of the biotechnology company’s stock after purchasing an additional 7,677 shares during the quarter. NewEdge Advisors LLC’s holdings in Bio-Techne were worth $404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Impax Asset Management Group plc acquired a new position in shares of Bio-Techne during the fourth quarter valued at $11,468,000. Comerica Bank increased its holdings in shares of Bio-Techne by 56.4% in the 4th quarter. Comerica Bank now owns 105,481 shares of the biotechnology company’s stock worth $6,203,000 after acquiring an additional 38,031 shares during the period. American Capital Management Inc. increased its holdings 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 worth $53,364,000 after acquiring an additional 79,979 shares during the period. Nicholas Company Inc. lifted its position in Bio-Techne by 6.5% in 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 during the last quarter. Finally, Principal Financial Group Inc. lifted its position in 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 last quarter. 98.95% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
TECH has been the subject of several recent analyst reports. Evercore cut shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Royal Bank Of Canada cut Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $62.00 to $73.00 in a report on Thursday, July 9th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Bio-Techne in a research report on Tuesday, August 4th. Zacks Research cut shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Finally, Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Bio-Techne has an average rating of “Hold” and a consensus target price of $68.92.
Bio-Techne Stock Performance
Shares of TECH opened at $72.32 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The firm’s 50 day moving average is $69.28 and its 200-day moving average is $59.54. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.62. The stock has a market capitalization of $11.32 billion, a P/E ratio of 62.89, a P/E/G ratio of 8.61 and a beta of 1.28.
Bio-Techne (NASDAQ:TECH – Get Free Report) last released its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. The business had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 earnings per share. Equities research analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.
Bio-Techne Increases Dividend
The business also recently declared 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 is an increase from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne’s dividend payout ratio is currently 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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