Maverick Capital Ltd. Buys 888,798 Shares of Bio-Techne Corp $TECH

Maverick Capital Ltd. boosted its stake in Bio-Techne Corp (NASDAQ:TECH) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,739,721 shares of the biotechnology company’s stock after acquiring an additional 888,798 shares during the period. Bio-Techne accounts for about 2.9% of Maverick Capital Ltd.’s holdings, making the stock its 12th biggest position. Maverick Capital Ltd.’s holdings in Bio-Techne were worth $247,698,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Danske Bank A S bought a new position in shares of Bio-Techne during the 4th quarter valued at approximately $29,000. eCIO Inc. purchased a new position in Bio-Techne in the fourth quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC bought a new position in Bio-Techne during the third quarter valued at $32,000. iSAM Funds UK Ltd bought a new position in Bio-Techne during the third quarter valued at $33,000. Finally, EverSource Wealth Advisors LLC increased its position in Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after buying an additional 562 shares during the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Up 0.0%

Shares of NASDAQ TECH opened at $71.62 on Tuesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The company has a market cap of $11.21 billion, a P/E ratio of 103.80, a P/E/G ratio of 8.53 and a beta of 1.29. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.16. The business has a 50-day simple moving average of $61.03 and a two-hundred day simple moving average of $58.84.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The firm had revenue of $311.42 million during the quarter, compared to analysts’ expectations of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 earnings per share. Research analysts anticipate 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 $0.08 dividend. 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 dividend payout ratio is presently 46.38%.

Wall Street Analyst Weigh In

TECH has been the topic of a number of recent research reports. William Blair cut Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $62.00 to $73.00 in a report on Thursday, July 9th. Weiss Ratings upgraded Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective on the stock. in a report on Friday, June 26th. Finally, Citigroup lowered shares of Bio-Techne from a “buy” rating to a “neutral” rating and boosted their price target for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Three analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Bio-Techne currently has an average rating of “Hold” and a consensus target price of $68.08.

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.