Angeles Wealth Management LLC Boosts Stake in Bio-Techne Corp $TECH

Angeles Wealth Management LLC increased its position in Bio-Techne Corp (NASDAQ:TECH) by 36.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 5,514 shares of the biotechnology company’s stock after purchasing an additional 1,464 shares during the period. Angeles Wealth Management LLC’s holdings in Bio-Techne were worth $284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TECH. Select Equity Group L.P. lifted its holdings in shares of Bio-Techne by 129.8% in the 1st quarter. Select Equity Group L.P. now owns 5,366,003 shares of the biotechnology company’s stock valued at $314,609,000 after purchasing an additional 3,030,644 shares during the last quarter. RGM Capital LLC purchased a new stake in shares of Bio-Techne in the 1st quarter valued at about $59,267,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bio-Techne by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,375,279 shares of the biotechnology company’s stock valued at $666,933,000 after purchasing an additional 721,012 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Bio-Techne in the 1st quarter valued at about $39,658,000. Finally, Brown Advisory Inc. increased its position in Bio-Techne by 45.7% in the 1st quarter. Brown Advisory Inc. now owns 1,912,377 shares of the biotechnology company’s stock valued at $112,123,000 after acquiring an additional 599,982 shares during the period. 98.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TECH. Weiss Ratings restated a “sell (d+)” rating on shares of Bio-Techne in a research report on Wednesday, October 8th. Evercore ISI boosted their price target on Bio-Techne from $60.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. TD Cowen boosted their price target on Bio-Techne from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Scotiabank dropped their price target on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Bio-Techne currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.58.

Bio-Techne Stock Performance

NASDAQ TECH opened at $61.86 on Friday. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $55.31 and its two-hundred day moving average is $52.57. Bio-Techne Corp has a 12-month low of $46.01 and a 12-month high of $80.80. The stock has a market capitalization of $9.63 billion, a price-to-earnings ratio of 134.48, a PEG ratio of 3.94 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The company had revenue of $316.96 million for the quarter, compared to analysts’ expectations of $315.14 million. During the same quarter in the previous year, the firm posted $0.49 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts expect that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given a dividend of $0.08 per share. The ex-dividend date was Monday, August 18th. This represents a $0.32 annualized dividend and a yield of 0.5%. Bio-Techne’s payout ratio is presently 69.57%.

Bio-Techne Company Profile

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.