Kornitzer Capital Management Inc. KS cut its holdings in Bio-Techne Corp (NASDAQ:TECH – Free Report) by 28.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 130,270 shares of the biotechnology company’s stock after selling 52,244 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.08% of Bio-Techne worth $6,808,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the business. Impax Asset Management Group plc purchased a new stake in shares of Bio-Techne during the fourth quarter valued at approximately $11,468,000. Hollow Brook Wealth Management LLC increased its stake in shares of Bio-Techne by 69.7% in the third quarter. Hollow Brook Wealth Management LLC now owns 174,677 shares of the biotechnology company’s stock worth $9,717,000 after buying an additional 71,739 shares during the period. Border to Coast Pensions Partnership Ltd bought a new stake in Bio-Techne during the 4th quarter valued at $15,023,000. Nicholas Company Inc. raised its holdings in 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 buying an additional 23,785 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Bio-Techne by 316.7% during the 4th quarter. Principal Financial Group Inc. now owns 703,477 shares of the biotechnology company’s stock valued at $41,373,000 after buying an additional 534,676 shares during the period. 98.95% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have issued reports on TECH. Robert W. Baird boosted their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a report on Thursday, May 7th. Leerink Partners set a $73.00 target price on Bio-Techne in a research note on Thursday, June 25th. Stephens set a $73.00 price target on Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Finally, Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $68.08.
Bio-Techne Stock Up 0.2%
TECH traded up $0.15 during trading on Friday, reaching $71.30. The stock had a trading volume of 2,938,721 shares, compared to its average volume of 7,987,221. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 103.33, a P/E/G ratio of 8.49 and a beta of 1.29. The stock’s 50 day moving average is $55.88 and its two-hundred day moving average is $57.94. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.16.
Bio-Techne (NASDAQ:TECH – Get Free Report) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The business had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business’s quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 EPS. As a group, analysts expect that Bio-Techne Corp will post 1.65 earnings per share for the current year.
Bio-Techne Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a yield of 0.4%. Bio-Techne’s payout ratio is presently 46.38%.
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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