Man Group plc Has $8.71 Million Stake in Bio-Techne Co. (NASDAQ:TECH)

Man Group plc decreased its holdings in Bio-Techne Co. (NASDAQ:TECH) by 36.5% during the first quarter, Holdings Channel.com reports. The firm owned 22,808 shares of the biotechnology company’s stock after selling 13,136 shares during the period. Man Group plc’s holdings in Bio-Techne were worth $8,711,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Bio-Techne in the fourth quarter worth $109,774,000. Winslow Capital Management LLC bought a new position in shares of Bio-Techne during the 1st quarter valued at $117,083,000. BlackRock Inc. lifted its stake in shares of Bio-Techne by 5.2% in the 1st quarter. BlackRock Inc. now owns 4,574,590 shares of the biotechnology company’s stock valued at $1,747,172,000 after purchasing an additional 226,562 shares during the last quarter. Select Equity Group L.P. bought a new stake in Bio-Techne in the fourth quarter worth $67,810,000. Finally, Artemis Investment Management LLP bought a new stake in Bio-Techne in the first quarter worth $45,799,000. Institutional investors own 93.16% of the company’s stock.

A number of brokerages have weighed in on TECH. SVB Leerink boosted their price target on Bio-Techne from $450.00 to $480.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 29th. Zacks Investment Research raised Bio-Techne from a “hold” rating to a “buy” rating and set a $459.00 price objective on the stock in a report on Thursday, June 3rd. Robert W. Baird increased their price objective on Bio-Techne from $410.00 to $430.00 and gave the company an “outperform” rating in a report on Friday, May 7th. Finally, Argus increased their price objective on Bio-Techne from $440.00 to $490.00 and gave the company a “buy” rating in a report on Friday, June 18th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Bio-Techne currently has an average rating of “Buy” and an average target price of $424.91.

In related news, CEO Charles R. Kummeth sold 7,481 shares of the business’s stock in a transaction on Monday, June 14th. The stock was sold at an average price of $449.15, for a total value of $3,360,091.15. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Kim Kelderman sold 811 shares of the business’s stock in a transaction on Wednesday, June 9th. The shares were sold at an average price of $433.00, for a total value of $351,163.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,577 shares of company stock worth $18,451,038 in the last three months. 3.80% of the stock is owned by insiders.

TECH opened at $463.14 on Thursday. The firm has a market cap of $18.01 billion, a price-to-earnings ratio of 101.12, a P/E/G ratio of 3.22 and a beta of 1.13. The firm has a 50 day simple moving average of $434.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.12 and a quick ratio of 3.32. Bio-Techne Co. has a 12-month low of $228.66 and a 12-month high of $469.33.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Thursday, May 6th. The biotechnology company reported $1.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.55. The firm had revenue of $243.55 million for the quarter, compared to analyst estimates of $228.57 million. Bio-Techne had a return on equity of 13.37% and a net margin of 21.74%. The company’s revenue was up 25.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. As a group, equities research analysts expect that Bio-Techne Co. will post 5.51 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 28th. Stockholders of record on Monday, May 17th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.28%. The ex-dividend date of this dividend was Friday, May 14th. Bio-Techne’s payout ratio is presently 33.16%.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets worldwide. The company operates in two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment offers proteins and reagent solutions, including cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents, and T-Cell activation technologies.

See Also: Strangles

Want to see what other hedge funds are holding TECH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bio-Techne Co. (NASDAQ:TECH).

Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

Receive News & Ratings for Bio-Techne Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bio-Techne and related companies with MarketBeat.com's FREE daily email newsletter.