Jennison Associates LLC Invests $6.23 Million in Bio-Techne Corp $TECH

Jennison Associates LLC purchased a new stake in shares of Bio-Techne Corp (NASDAQ:TECH) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 119,213 shares of the biotechnology company’s stock, valued at approximately $6,230,000. Jennison Associates LLC owned approximately 0.08% of Bio-Techne at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in shares of Bio-Techne by 12.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock valued at $62,379,000 after buying an additional 113,634 shares in the last quarter. Woodline Partners LP grew its holdings in Bio-Techne by 40.0% during the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock worth $783,000 after acquiring an additional 3,814 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 562 shares during the last quarter. First Trust Advisors LP increased its position in Bio-Techne by 1,085.7% in the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after acquiring an additional 96,527 shares in the last quarter. Finally, Natixis increased its position in Bio-Techne by 82.6% in the 2nd quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock valued at $1,286,000 after acquiring an additional 11,306 shares in the last quarter. Institutional investors own 98.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Evercore lowered shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Piper Sandler initiated coverage on shares of Bio-Techne in a report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price target for the company. Wells Fargo & Company decreased their price objective on Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Citigroup cut Bio-Techne from a “buy” rating to a “neutral” rating and lifted their target price for the company from $70.00 to $73.00 in a research note on Friday, June 26th. Finally, Robert W. Baird upped their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $68.08.

Bio-Techne Stock Performance

Shares of TECH stock opened at $71.63 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.16. The company’s 50 day moving average price is $58.84 and its two-hundred day moving average price is $58.56. The company has a market capitalization of $11.22 billion, a P/E ratio of 103.81, a price-to-earnings-growth ratio of 8.53 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The company had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. During the same quarter last year, the company earned $0.56 EPS. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, analysts expect that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Bio-Techne’s dividend payout ratio is presently 46.38%.

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.