ProShare Advisors LLC Raises Stock Holdings in Bio-Techne Corp $TECH

ProShare Advisors LLC increased its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 11.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,931 shares of the biotechnology company’s stock after purchasing an additional 2,866 shares during the quarter. ProShare Advisors LLC’s holdings in Bio-Techne were worth $1,437,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TECH. Price T Rowe Associates Inc. MD grew its holdings in shares of Bio-Techne by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 11,375,279 shares of the biotechnology company’s stock worth $666,933,000 after buying an additional 721,012 shares in the last quarter. Select Equity Group L.P. lifted its stake in shares of Bio-Techne by 129.8% during the first quarter. Select Equity Group L.P. now owns 5,366,003 shares of the biotechnology company’s stock valued at $314,609,000 after buying an additional 3,030,644 shares during the period. Invesco Ltd. boosted its position in Bio-Techne by 9.7% during the first quarter. Invesco Ltd. now owns 4,190,115 shares of the biotechnology company’s stock worth $245,666,000 after acquiring an additional 369,651 shares during the last quarter. Champlain Investment Partners LLC grew its stake in Bio-Techne by 1.2% in the 1st quarter. Champlain Investment Partners LLC now owns 2,448,322 shares of the biotechnology company’s stock worth $143,545,000 after acquiring an additional 28,668 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Bio-Techne by 15.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,349,712 shares of the biotechnology company’s stock valued at $120,893,000 after acquiring an additional 319,177 shares during the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on TECH. Stephens upgraded Bio-Techne to a “strong-buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, July 22nd. Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and raised their price target for the stock from $55.00 to $70.00 in a research note on Thursday, August 21st. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Wells Fargo & Company raised their target price on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Finally, Royal Bank Of Canada upgraded shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.17.

Bio-Techne Price Performance

Bio-Techne stock opened at $59.38 on Friday. The firm has a fifty day moving average of $58.22 and a 200-day moving average of $54.12. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $79.28. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $9.25 billion, a P/E ratio of 129.09, a PEG ratio of 3.63 and a beta of 1.51.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm had revenue of $286.56 million during the quarter, compared to analysts’ expectations of $292.02 million. During the same period in the prior year, the company earned $0.42 EPS. The firm’s revenue was down 1.0% on a year-over-year basis. As a group, analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 17th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, November 17th. Bio-Techne’s dividend payout ratio (DPR) is presently 65.31%.

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.