49,482 Shares in Bio-Techne Corp $TECH Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio acquired a new stake in Bio-Techne Corp (NASDAQ:TECH) during the second quarter, HoldingsChannel reports. The fund acquired 49,482 shares of the biotechnology company’s stock, valued at approximately $3,496,000.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Bio-Techne during the 2nd quarter worth $990,924,000. Wellington Management Group LLP boosted its holdings in shares of Bio-Techne by 349.8% in the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after acquiring an additional 3,978,026 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. boosted its holdings in shares of Bio-Techne by 131.4% in the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock valued at $177,266,000 after acquiring an additional 1,926,066 shares in the last quarter. Norges Bank acquired a new position in shares of Bio-Techne during the fourth quarter worth about $99,494,000. Finally, Durable Capital Partners LP acquired a new position in shares of Bio-Techne during the third quarter worth about $77,658,000. 98.95% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TECH has been the subject of several analyst reports. William Blair cut shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a research report on Friday, June 26th. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $62.00 to $73.00 in a research note on Thursday, August 13th. TD Cowen cut Bio-Techne from a “buy” rating to a “hold” rating and raised their price target for the company from $65.00 to $73.00 in a report on Monday, June 29th. Finally, Piper Sandler initiated coverage on Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $68.92.

Bio-Techne Stock Down 0.0%

TECH stock opened at $72.43 on Friday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $71.84 and its 200 day moving average price is $60.09. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. The company has a market cap of $11.36 billion, a P/E ratio of 62.98, a P/E/G ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analysts’ expectations of $314.63 million. During the same period last year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, research analysts expect that Bio-Techne Corp will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a $0.65 dividend. The ex-dividend date was Monday, August 24th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s payout ratio is currently 27.83%.

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.