Bio-Techne Corp $TECH Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Bio-Techne Corp (NASDAQ:TECH) by 1.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,759,119 shares of the biotechnology company’s stock after selling 31,568 shares during the period. Bank of New York Mellon Corp’s holdings in Bio-Techne were worth $91,932,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Danske Bank A S purchased a new position in Bio-Techne during the fourth quarter worth approximately $29,000. eCIO Inc. purchased a new position in Bio-Techne during the fourth quarter valued at $30,000. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne during the third quarter valued at $32,000. iSAM Funds UK Ltd acquired a new stake in shares of Bio-Techne in the third quarter valued at about $33,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the period. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Down 0.0%

Shares of NASDAQ TECH opened at $71.63 on Wednesday. The company has a market capitalization of $11.22 billion, a P/E ratio of 103.81, a P/E/G ratio of 8.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. The company has a 50 day simple moving average of $58.84 and a 200-day simple moving average of $58.56. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.16.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period last year, the company earned $0.56 EPS. On average, equities research analysts predict that Bio-Techne Corp will post 1.65 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s dividend payout ratio (DPR) is currently 46.38%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TECH shares. Weiss Ratings raised shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. Robert W. Baird increased their target price on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Royal Bank Of Canada downgraded Bio-Techne from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Finally, Leerink Partners set a $73.00 price target on Bio-Techne in a research note on Thursday, June 25th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Bio-Techne has a consensus rating of “Hold” and a consensus target price of $68.08.

Bio-Techne Profile

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.