Allspring Global Investments Holdings LLC Increases Stake in Bio-Techne Corp $TECH

Allspring Global Investments Holdings LLC grew its holdings in Bio-Techne Corp (NASDAQ:TECH) by 2,020.1% during the 1st quarter, Holdings Channel reports. The fund owned 146,266 shares of the biotechnology company’s stock after buying an additional 139,367 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Bio-Techne were worth $7,822,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of TECH. Wellington Management Group LLP grew its position in shares of Bio-Techne by 349.8% during 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 acquiring an additional 3,978,026 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in 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 purchasing an additional 2,495,328 shares during the period. Norges Bank purchased a new position in Bio-Techne during the fourth quarter valued at $99,494,000. Durable Capital Partners LP purchased a new position in Bio-Techne during the third quarter valued at $77,658,000. Finally, Morgan Stanley grew its holdings in Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after purchasing an additional 1,107,536 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Price Performance

TECH opened at $71.77 on Friday. The business has a fifty day moving average of $59.92 and a 200 day moving average of $58.73. 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 stock has a market cap of $11.24 billion, a P/E ratio of 104.02, a PEG ratio of 8.55 and a beta of 1.29. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.16.

Bio-Techne (NASDAQ:TECH) last announced 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 company had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. During the same quarter in the previous year, the business earned $0.56 EPS. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.65 EPS for the current year.

Bio-Techne Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have recently commented on TECH shares. William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Stephens set a $73.00 price objective on Bio-Techne and gave the company an “equal weight” rating in a research note on Friday, June 26th. Weiss Ratings raised shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Piper Sandler assumed coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a “neutral” rating and a $65.00 target price on the stock. Finally, Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price target for the company from $70.00 to $73.00 in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.