Gibbs Wealth Management Buys Shares of 8,131 Bio-Techne Corp $TECH

Gibbs Wealth Management bought a new stake in Bio-Techne Corp (NASDAQ:TECH) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 8,131 shares of the biotechnology company’s stock, valued at approximately $425,000.

Other large investors have also modified their holdings of the company. Impax Asset Management Group plc purchased a new stake in shares of Bio-Techne in the fourth quarter valued at about $11,468,000. Border to Coast Pensions Partnership Ltd acquired a new stake in Bio-Techne in the fourth quarter valued at about $15,023,000. Comerica Bank boosted its stake in shares of Bio-Techne by 56.4% in the fourth quarter. Comerica Bank now owns 105,481 shares of the biotechnology company’s stock valued at $6,203,000 after buying an additional 38,031 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Bio-Techne by 316.7% during the 4th quarter. Principal Financial Group Inc. now owns 703,477 shares of the biotechnology company’s stock worth $41,373,000 after purchasing an additional 534,676 shares in the last quarter. Finally, Nicholas Company Inc. grew its position in Bio-Techne by 6.5% during the fourth quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company’s stock worth $22,983,000 after buying an additional 23,785 shares during the period. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Shares of Bio-Techne stock opened at $71.60 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The firm’s 50-day simple moving average is $60.48 and its 200-day simple moving average is $58.82. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.16. The firm has a market cap of $11.21 billion, a PE ratio of 103.77, a price-to-earnings-growth ratio of 8.53 and a beta of 1.29.

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

Bio-Techne Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Bio-Techne’s payout ratio is 46.38%.

Wall Street Analyst Weigh In

TECH has been the subject of several research reports. Zacks Research downgraded Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a report on Friday, June 26th. Weiss Ratings upgraded Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Stephens set a $73.00 price objective on Bio-Techne and gave the company an “equal weight” rating in a research note on Friday, June 26th. Finally, Citigroup cut Bio-Techne from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $70.00 to $73.00 in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Bio-Techne has a consensus rating of “Hold” and a consensus price target of $68.08.

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.