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

Bank of New York Mellon Corp cut its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 7.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,790,687 shares of the biotechnology company’s stock after selling 139,355 shares during the quarter. Bank of New York Mellon Corp’s holdings in Bio-Techne were worth $105,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TECH. Wellington Management Group LLP boosted its holdings in shares of Bio-Techne by 349.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after purchasing an additional 3,978,026 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Bio-Techne by 164.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock worth $235,994,000 after buying an additional 2,495,328 shares during the period. Norges Bank acquired a new position in Bio-Techne in the fourth quarter valued at $99,494,000. Durable Capital Partners LP acquired a new position in Bio-Techne in the third quarter valued at $77,658,000. Finally, American Century Companies Inc. grew its position in Bio-Techne by 78.3% during the third quarter. American Century Companies Inc. now owns 2,037,806 shares of the biotechnology company’s stock valued at $113,363,000 after acquiring an additional 894,987 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Analyst Ratings Changes

TECH has been the topic of a number of research reports. Royal Bank Of Canada set a $62.00 price objective on Bio-Techne and gave the stock an “outperform” rating in a report on Thursday, May 14th. Robert W. Baird set a $49.00 target price on Bio-Techne in a report on Thursday, May 7th. Weiss Ratings raised shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, May 7th. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.17.

Bio-Techne Stock Performance

TECH opened at $51.99 on Monday. The firm’s 50 day moving average is $52.01 and its 200-day moving average is $57.57. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.16. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $8.14 billion, a P/E ratio of 75.35, a P/E/G ratio of 4.97 and a beta of 1.37.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The firm had revenue of $311.42 million during the quarter, compared to analysts’ expectations of $316.11 million. During the same period in the previous year, the company earned $0.56 earnings per share. The business’s quarterly revenue was down 1.5% on a year-over-year basis. Analysts expect that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a dividend of $0.08 per share. The ex-dividend date was Monday, May 18th. This represents a $0.32 annualized dividend and a yield of 0.6%. Bio-Techne’s payout ratio is currently 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.