JPMorgan Chase & Co. Cuts Holdings in Bio-Techne Corp $TECH

JPMorgan Chase & Co. lowered its holdings in Bio-Techne Corp (NASDAQ:TECH) by 46.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 725,085 shares of the biotechnology company’s stock after selling 633,738 shares during the quarter. JPMorgan Chase & Co.’s holdings in Bio-Techne were worth $40,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tudor Investment Corp ET AL bought a new stake in Bio-Techne in the 3rd quarter worth about $13,463,000. Allworth Financial LP raised its position in Bio-Techne by 28.4% in the 3rd quarter. Allworth Financial LP now owns 786 shares of the biotechnology company’s stock worth $44,000 after buying an additional 174 shares during the last quarter. Groupama Asset Managment bought a new position in Bio-Techne during the 3rd quarter valued at about $282,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Bio-Techne by 50.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,118 shares of the biotechnology company’s stock valued at $118,000 after acquiring an additional 712 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Bio-Techne during the 3rd quarter valued at about $890,000. 98.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Bio-Techne from $70.00 to $76.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Weiss Ratings upgraded shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, February 20th. Deutsche Bank Aktiengesellschaft set a $72.00 price target on Bio-Techne and gave the company a “buy” rating in a report on Friday, December 12th. Finally, Stifel Nicolaus set a $65.00 price target on Bio-Techne and gave the stock a “hold” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.77.

Bio-Techne Price Performance

NASDAQ TECH opened at $51.48 on Friday. The business’s fifty day moving average is $60.84 and its 200 day moving average is $59.78. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $72.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.08 and a current ratio of 4.54. The company has a market capitalization of $8.05 billion, a PE ratio of 100.94, a price-to-earnings-growth ratio of 3.42 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, February 4th. The biotechnology company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Bio-Techne had a return on equity of 13.94% and a net margin of 6.67%.The firm had revenue of $295.88 million for the quarter, compared to the consensus estimate of $290.20 million. During the same quarter last year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. Sell-side analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Monday, February 16th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, February 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. Bio-Techne’s dividend payout ratio (DPR) is presently 62.75%.

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.