Posted by admin on Aug 10th, 2022

Commonwealth Equity Services LLC reduced its position in shares of Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 0.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,418 shares of the biotechnology company’s stock after selling 40 shares during the period. Commonwealth Equity Services LLC’s holdings in Bio-Techne were worth $2,346,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. BOK Financial Private Wealth Inc. lifted its position in shares of Bio-Techne by 3.4% during the fourth quarter. BOK Financial Private Wealth Inc. now owns 893 shares of the biotechnology company’s stock valued at $462,000 after purchasing an additional 29 shares in the last quarter. Financial Consulate Inc. lifted its position in shares of Bio-Techne by 3.4% during the first quarter. Financial Consulate Inc. now owns 983 shares of the biotechnology company’s stock valued at $426,000 after purchasing an additional 32 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Bio-Techne by 0.9% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,257 shares of the biotechnology company’s stock valued at $2,202,000 after purchasing an additional 37 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Bio-Techne by 10.1% during the first quarter. ARK Investment Management LLC now owns 414 shares of the biotechnology company’s stock valued at $179,000 after purchasing an additional 38 shares in the last quarter. Finally, Ellevest Inc. lifted its position in shares of Bio-Techne by 56.5% during the first quarter. Ellevest Inc. now owns 108 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 39 shares in the last quarter. 94.36% of the stock is owned by institutional investors.

TECH stock opened at $361.12 on Wednesday. The firm has a 50 day moving average of $356.61 and a 200-day moving average of $386.26. The company has a current ratio of 3.44, a quick ratio of 2.64 and a debt-to-equity ratio of 0.14. Bio-Techne Co. has a 12 month low of $318.07 and a 12 month high of $543.85. The firm has a market capitalization of $14.17 billion, a P/E ratio of 54.55, a price-to-earnings-growth ratio of 1.76 and a beta of 1.22.

Bio-Techne (NASDAQ:TECH – Get Rating) last announced its earnings results on Thursday, August 4th. The biotechnology company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.03). Bio-Techne had a net margin of 24.61% and a return on equity of 16.97%. The company had revenue of $288.30 million for the quarter, compared to the consensus estimate of $287.04 million. During the same quarter in the previous year, the firm earned $1.67 earnings per share. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts predict that Bio-Techne Co. will post 8.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 29th. Stockholders of record on Monday, August 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, August 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.35%. Bio-Techne’s payout ratio is 19.34%.

In related news, Director John L. Higgins sold 1,000 shares of Bio-Techne stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $364.31, for a total value of $364,310.00. Following the transaction, the director now directly owns 4,606 shares of the company’s stock, valued at $1,678,011.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Charles R. Kummeth sold 5,104 shares of Bio-Techne stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $365.00, for a total value of $1,862,960.00. Following the transaction, the chief executive officer now directly owns 198,338 shares of the company’s stock, valued at $72,393,370. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Higgins sold 1,000 shares of Bio-Techne stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $364.31, for a total transaction of $364,310.00. Following the completion of the transaction, the director now directly owns 4,606 shares in the company, valued at $1,678,011.86. The disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

A number of research analysts recently weighed in on TECH shares. Wells Fargo & Company downgraded shares of Bio-Techne from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $400.00 to $370.00 in a report on Monday, April 25th. Stephens decreased their price objective on shares of Bio-Techne from $500.00 to $480.00 and set an “overweight” rating for the company in a report on Friday, August 5th. StockNews.com downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. Robert W. Baird reduced their target price on shares of Bio-Techne from $500.00 to $470.00 in a research note on Friday, August 5th. Finally, KeyCorp reduced their target price on shares of Bio-Techne from $600.00 to $500.00 in a research note on Thursday, May 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $489.17.

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.

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