Harvest Management LLC Purchases New Holdings in Bio-Techne Corp $TECH

Harvest Management LLC purchased a new stake in Bio-Techne Corp (NASDAQ:TECH) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 170,000 shares of the biotechnology company’s stock, valued at approximately $12,010,000. Bio-Techne accounts for approximately 4.7% of Harvest Management LLC’s portfolio, making the stock its 8th biggest holding.

Other hedge funds have also recently bought and sold shares of the company. Danske Bank A S acquired a new stake in Bio-Techne in the 4th quarter valued at about $29,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Bio-Techne during the 3rd quarter worth approximately $32,000. iSAM Funds UK Ltd bought a new stake in Bio-Techne in the 3rd quarter valued at $33,000. Avalon Trust Co acquired a new position in Bio-Techne in the 2nd quarter valued at about $42,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Bio-Techne in the fourth quarter valued at approximately $39,000. 98.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TECH. Wells Fargo & Company cut shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $62.00 to $73.00 in a research report on Thursday, August 13th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Piper Sandler assumed coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They set a “neutral” rating and a $65.00 target price for the company. Deutsche Bank Aktiengesellschaft lowered Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective for the company. in a research report on Friday, June 26th. Finally, William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Stock Down 0.2%

Shares of NASDAQ:TECH opened at $72.35 on Friday. The company has a market capitalization of $11.35 billion, a PE ratio of 62.91, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. 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 business has a fifty day moving average price of $70.86 and a two-hundred day moving average price of $59.75. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.62.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm 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 business’s revenue was up 1.3% compared to the same quarter last year. During the same period last year, the firm posted $0.53 EPS. Analysts forecast that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

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

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.