Bio-Techne Co. (NASDAQ:TECH) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its stake in Bio-Techne Co. (NASDAQ:TECH) by 22.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 651,399 shares of the biotechnology company’s stock after selling 186,400 shares during the period. Fred Alger Management LLC owned 0.41% of Bio-Techne worth $52,066,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TECH. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne in the 2nd quarter valued at about $25,000. Brown Brothers Harriman & Co. increased its position in Bio-Techne by 922.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 369 shares during the period. Industrial Alliance Investment Management Inc. acquired a new position in Bio-Techne during the 2nd quarter worth approximately $31,000. DT Investment Partners LLC acquired a new position in Bio-Techne during the 2nd quarter worth approximately $36,000. Finally, Versant Capital Management Inc increased its position in Bio-Techne by 1,427.8% during the 2nd quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 514 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TECH shares. StockNews.com upgraded Bio-Techne from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Robert W. Baird boosted their target price on Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Scotiabank boosted their target price on Bio-Techne from $83.00 to $88.00 and gave the stock a “sector outperform” rating in a research report on Thursday, October 31st. Benchmark reiterated a “buy” rating and set a $95.00 target price on shares of Bio-Techne in a research report on Tuesday, August 13th. Finally, Royal Bank of Canada lowered their price target on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.78.

Bio-Techne Trading Up 0.7 %

Shares of Bio-Techne stock opened at $75.38 on Friday. Bio-Techne Co. has a fifty-two week low of $61.16 and a fifty-two week high of $85.57. The firm has a market cap of $11.98 billion, a PE ratio of 80.19, a P/E/G ratio of 5.50 and a beta of 1.28. The business’s fifty day moving average is $73.63 and its two-hundred day moving average is $75.14. The company has a quick ratio of 3.26, a current ratio of 4.56 and a debt-to-equity ratio of 0.14.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. The business had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 EPS. Analysts anticipate that Bio-Techne Co. will post 1.68 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 11th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Bio-Techne’s payout ratio is 34.04%.

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 in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.