Public Employees Retirement Association of Colorado decreased its stake in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,455 shares of the biotechnology company’s stock after selling 3,798 shares during the period. Public Employees Retirement Association of Colorado owned 0.22% of BIO-TECHNE worth $16,983,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Jackson Square Partners LLC lifted its position in BIO-TECHNE by 3.9% during the 1st quarter. Jackson Square Partners LLC now owns 882,634 shares of the biotechnology company’s stock valued at $175,246,000 after purchasing an additional 33,357 shares during the period. Champlain Investment Partners LLC raised its position in shares of BIO-TECHNE by 1.7% in the 1st quarter. Champlain Investment Partners LLC now owns 720,090 shares of the biotechnology company’s stock valued at $142,974,000 after acquiring an additional 11,990 shares during the period. Geode Capital Management LLC raised its position in shares of BIO-TECHNE by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 416,496 shares of the biotechnology company’s stock valued at $60,275,000 after acquiring an additional 27,587 shares during the period. New York State Common Retirement Fund raised its position in shares of BIO-TECHNE by 0.3% in the 1st quarter. New York State Common Retirement Fund now owns 352,156 shares of the biotechnology company’s stock valued at $69,921,000 after acquiring an additional 900 shares during the period. Finally, Conestoga Capital Advisors LLC raised its position in shares of BIO-TECHNE by 0.6% in the 1st quarter. Conestoga Capital Advisors LLC now owns 321,328 shares of the biotechnology company’s stock valued at $63,800,000 after acquiring an additional 2,051 shares during the period. Institutional investors and hedge funds own 92.09% of the company’s stock.
A number of brokerages recently weighed in on TECH. BidaskClub downgraded shares of BIO-TECHNE from a “buy” rating to a “hold” rating in a research report on Saturday, July 13th. ValuEngine downgraded shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Janney Montgomery Scott upgraded shares of BIO-TECHNE from a “neutral” rating to a “buy” rating and increased their price target for the company from $200.00 to $270.00 in a research report on Tuesday, July 2nd. Zacks Investment Research downgraded shares of BIO-TECHNE from a “buy” rating to a “sell” rating in a research report on Tuesday. Finally, TheStreet cut BIO-TECHNE from a “b” rating to a “c+” rating in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $211.17.
In other BIO-TECHNE news, Director Robert V. Baumgartner purchased 500 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $191.06 per share, with a total value of $95,530.00. Following the purchase, the director now directly owns 8,726 shares of the company’s stock, valued at $1,667,189.56. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Brenda S. Furlow sold 5,400 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $200.00, for a total transaction of $1,080,000.00. Following the transaction, the senior vice president now directly owns 7,589 shares of the company’s stock, valued at $1,517,800. The disclosure for this sale can be found here. Insiders have sold a total of 46,548 shares of company stock valued at $9,790,896 over the last ninety days. Company insiders own 3.80% of the company’s stock.
NASDAQ TECH traded down $3.67 during trading hours on Wednesday, reaching $193.53. 4,986 shares of the company’s stock were exchanged, compared to its average volume of 174,845. The business’s 50-day moving average price is $207.65. BIO-TECHNE Corp has a one year low of $132.75 and a one year high of $217.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.05 and a quick ratio of 3.15. The firm has a market capitalization of $7.27 billion, a P/E ratio of 50.98, a price-to-earnings-growth ratio of 4.12 and a beta of 1.17.
BIO-TECHNE (NASDAQ:TECH) last posted its earnings results on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.08. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. The business had revenue of $191.66 million during the quarter, compared to analysts’ expectations of $196.37 million. During the same period in the prior year, the business earned $1.34 EPS. BIO-TECHNE’s revenue for the quarter was up 6.3% compared to the same quarter last year. Analysts predict that BIO-TECHNE Corp will post 4.24 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.28 annualized dividend and a dividend yield of 0.66%. BIO-TECHNE’s dividend payout ratio is currently 33.68%.
BIO-TECHNE Company Profile
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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