Sumitomo Mitsui Trust Holdings Inc. lowered its position in BIO-TECHNE Corp (NASDAQ:TECH) by 11.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,851 shares of the biotechnology company’s stock after selling 26,354 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.55% of BIO-TECHNE worth $55,416,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of TECH. Atlanta Capital Management Co. L L C raised its stake in shares of BIO-TECHNE by 0.9% in the 1st quarter. Atlanta Capital Management Co. L L C now owns 1,362,724 shares of the biotechnology company’s stock valued at $258,400,000 after purchasing an additional 12,325 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of BIO-TECHNE by 26.3% in the 1st quarter. Champlain Investment Partners LLC now owns 1,096,205 shares of the biotechnology company’s stock valued at $207,862,000 after purchasing an additional 228,530 shares in the last quarter. State Street Corp raised its stake in shares of BIO-TECHNE by 3.5% in the 1st quarter. State Street Corp now owns 920,310 shares of the biotechnology company’s stock valued at $174,509,000 after purchasing an additional 30,913 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of BIO-TECHNE by 10.6% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 890,124 shares of the biotechnology company’s stock valued at $168,786,000 after buying an additional 85,222 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of BIO-TECHNE by 3.1% during the 1st quarter. Geode Capital Management LLC now owns 506,040 shares of the biotechnology company’s stock valued at $95,950,000 after buying an additional 14,982 shares during the last quarter. Hedge funds and other institutional investors own 95.59% of the company’s stock.
BIO-TECHNE stock opened at $275.16 on Friday. The firm has a 50 day simple moving average of $264.60 and a 200-day simple moving average of $227.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.69 and a quick ratio of 3.74. The stock has a market capitalization of $10.58 billion, a PE ratio of 58.17, a price-to-earnings-growth ratio of 10.18 and a beta of 1.14. BIO-TECHNE Corp has a 12-month low of $155.17 and a 12-month high of $286.68.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.24. BIO-TECHNE had a net margin of 24.77% and a return on equity of 13.04%. The business had revenue of $194.70 million during the quarter, compared to analysts’ expectations of $182.32 million. During the same period last year, the firm posted $1.21 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that BIO-TECHNE Corp will post 3.56 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on TECH. Craig Hallum lowered their price objective on shares of BIO-TECHNE from $218.00 to $211.00 and set a “buy” rating for the company in a research report on Monday, April 20th. Wells Fargo & Co boosted their price objective on shares of BIO-TECHNE from $190.00 to $220.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Stifel Nicolaus downgraded shares of BIO-TECHNE from a “buy” rating to a “hold” rating and boosted their price objective for the company from $245.00 to $260.00 in a research report on Wednesday, May 27th. BidaskClub upgraded shares of BIO-TECHNE from a “sell” rating to a “hold” rating in a research report on Wednesday, June 24th. Finally, Stephens cut shares of BIO-TECHNE from an “overweight” rating to an “equal weight” rating and upped their target price for the stock from $253.00 to $273.00 in a research report on Wednesday, July 15th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $248.00.
In related news, SVP Brenda S. Furlow sold 9,079 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $275.76, for a total value of $2,503,625.04. Following the completion of the sale, the senior vice president now owns 13,390 shares in the company, valued at approximately $3,692,426.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harold J. Wiens sold 3,985 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $260.00, for a total transaction of $1,036,100.00. Following the completion of the sale, the director now owns 4,843 shares of the company’s stock, valued at approximately $1,259,180. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,121 shares of company stock valued at $10,980,262. Company insiders own 4.20% of the company’s stock.
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.
Read More: Basic Economics
Want to see what other hedge funds are holding TECH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BIO-TECHNE Corp (NASDAQ:TECH).
Receive News & Ratings for BIO-TECHNE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BIO-TECHNE and related companies with MarketBeat.com's FREE daily email newsletter.