The Manufacturers Life Insurance Company Buys Shares of 118,856 Bio-Techne Corp $TECH

The Manufacturers Life Insurance Company bought a new position in Bio-Techne Corp (NASDAQ:TECH) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 118,856 shares of the biotechnology company’s stock, valued at approximately $8,397,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Danske Bank A S bought a new position in Bio-Techne during the 4th quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Bio-Techne in the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd bought a new stake in shares of Bio-Techne in the 3rd quarter valued at about $33,000. Avalon Trust Co purchased a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Bio-Techne during the fourth quarter valued at approximately $39,000. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

NASDAQ TECH opened at $72.35 on Monday. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. The company has a 50 day moving average price of $70.86 and a 200 day moving average price of $59.71. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The firm has a market cap 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.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $314.63 million. During the same period last year, the firm earned $0.53 earnings per share. Bio-Techne’s revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on TECH shares. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Robert W. Baird increased their target price on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Citigroup downgraded Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price target for the company from $70.00 to $73.00 in a report on Friday, June 26th. Leerink Partners set a $73.00 price target on Bio-Techne in a research report on Thursday, June 25th. Finally, Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat, Bio-Techne has a consensus rating of “Hold” and a consensus price target of $68.92.

About Bio-Techne

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.