1,063,473 Shares in Bio-Techne Corp $TECH Acquired by Madison Asset Management LLC

Madison Asset Management LLC bought a new stake in shares of Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,063,473 shares of the biotechnology company’s stock, valued at approximately $75,134,000. Madison Asset Management LLC owned approximately 0.68% of Bio-Techne as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TECH. Danske Bank A S purchased a new stake in Bio-Techne in the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne during the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd purchased a new position in Bio-Techne during the 3rd quarter valued at about $33,000. EverSource Wealth Advisors LLC raised its holdings in shares of Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Bio-Techne in the 1st quarter valued at about $37,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

Shares of TECH opened at $72.48 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The company’s fifty day moving average price is $68.55 and its 200-day moving average price is $59.39. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The firm has a market capitalization of $11.35 billion, a PE ratio of 63.03, a price-to-earnings-growth ratio of 8.60 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The company had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. On average, equities research analysts predict that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne’s dividend payout ratio is presently 27.83%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TECH. Piper Sandler initiated coverage on shares of Bio-Techne in a report on Thursday, June 11th. They set a “neutral” rating and a $65.00 price objective on the stock. Robert W. Baird increased their target price on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Leerink Partners set a $73.00 price target on Bio-Techne in a report on Thursday, June 25th. Stifel Nicolaus set a $50.00 price target on Bio-Techne in a research report on Thursday, May 7th. Finally, Citigroup cut Bio-Techne from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $68.92.

Bio-Techne Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.