Bio-Techne Corp $TECH Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its position in Bio-Techne Corp (NASDAQ:TECH) by 15.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,349,712 shares of the biotechnology company’s stock after buying an additional 319,177 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 1.50% of Bio-Techne worth $120,893,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. AlphaQuest LLC purchased a new position in shares of Bio-Techne in the 1st quarter valued at about $34,000. Federated Hermes Inc. acquired a new stake in Bio-Techne in the first quarter valued at approximately $41,000. Hoese & Co LLP purchased a new stake in shares of Bio-Techne in the second quarter valued at approximately $51,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Bio-Techne by 1,239.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock worth $54,000 after buying an additional 855 shares during the period. Finally, Horizon Financial Services LLC purchased a new position in shares of Bio-Techne during the 1st quarter valued at approximately $69,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TECH has been the topic of several recent analyst reports. Royal Bank Of Canada raised shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. Scotiabank decreased their price target on shares of Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 11th. Stephens upgraded Bio-Techne to a “strong-buy” rating and set a $65.00 price objective for the company in a research note on Tuesday, July 22nd. Citigroup upgraded Bio-Techne from a “neutral” rating to a “buy” rating and raised their target price for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. Finally, Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.58.

Bio-Techne Stock Down 0.2%

Bio-Techne stock opened at $65.90 on Friday. The company has a market capitalization of $10.26 billion, a PE ratio of 143.26, a price-to-earnings-growth ratio of 3.85 and a beta of 1.48. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $80.80. The firm has a 50 day moving average price of $56.44 and a 200 day moving average price of $53.03.

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

Bio-Techne Announces Dividend

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

Bio-Techne 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.