NewEdge Advisors LLC Increases Stake in Bio-Techne Corp $TECH

NewEdge Advisors LLC raised its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 15,993.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,725 shares of the biotechnology company’s stock after purchasing an additional 7,677 shares during the period. NewEdge Advisors LLC’s holdings in Bio-Techne were worth $404,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Morgan Stanley raised its stake in shares of Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after acquiring an additional 1,107,536 shares during the period. State Street Corp lifted its holdings in shares of Bio-Techne by 1.0% during the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock valued at $341,806,000 after acquiring an additional 58,639 shares in the last quarter. Wellington Management Group LLP boosted its position in Bio-Techne by 12.1% during the 4th quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock worth $337,219,000 after purchasing an additional 618,916 shares during the period. Maverick Capital Ltd. boosted its position in Bio-Techne by 23.1% during the 1st quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after purchasing an additional 888,798 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Bio-Techne by 21.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,075,194 shares of the biotechnology company’s stock worth $239,663,000 after purchasing an additional 725,050 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.32 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. The company has a fifty day moving average price of $69.28 and a two-hundred day moving average price of $59.54. The company has a market cap of $11.32 billion, a PE ratio of 62.89, a P/E/G ratio of 8.61 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 for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The company had revenue of $321.19 million for the quarter, compared to analysts’ expectations of $314.63 million. During the same period in the prior year, the company earned $0.53 earnings per share. The firm’s revenue was up 1.3% compared to the same quarter last year. Research analysts expect that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

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

Analysts Set New Price Targets

Several research firms recently issued reports on TECH. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Bio-Techne in a research note on Tuesday, August 4th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research note on Friday, June 26th. Zacks Research lowered Bio-Techne from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. Finally, Wells Fargo & Company cut Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $62.00 to $73.00 in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Company 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.