Wellington Management Group LLP Cuts Stake in Bio-Techne Corp $TECH

Wellington Management Group LLP trimmed its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 99.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 10,305 shares of the biotechnology company’s stock after selling 5,109,880 shares during the period. Wellington Management Group LLP’s holdings in Bio-Techne were worth $728,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. American Capital Management Inc. raised its holdings in Bio-Techne by 8.5% in the 1st quarter. American Capital Management Inc. now owns 1,021,128 shares of the biotechnology company’s stock worth $53,364,000 after acquiring an additional 79,979 shares during the last quarter. S&CO Inc. purchased a new stake in Bio-Techne during the 2nd quarter valued at $5,412,000. Ceredex Value Advisors LLC purchased a new stake in Bio-Techne during the 2nd quarter valued at $8,488,000. P Schoenfeld Asset Management LP bought a new stake in shares of Bio-Techne in the 2nd quarter worth $4,592,250. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Bio-Techne by 10.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,973,136 shares of the biotechnology company’s stock worth $103,118,000 after purchasing an additional 178,843 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on TECH. Benchmark restated a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and boosted their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Piper Sandler began coverage on Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price for the company. Finally, Wells Fargo & Company cut shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Two analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat, Bio-Techne presently has an average rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Stock Performance

TECH opened at $72.12 on Friday. The company’s 50 day moving average is $71.98 and its 200 day moving average is $60.57. 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 has a market cap of $11.31 billion, a price-to-earnings ratio of 62.71, a PEG ratio of 8.58 and a beta of 1.28. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.62.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 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 business had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $314.63 million. During the same period in the prior year, the company earned $0.53 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis. On average, equities research analysts predict that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently announced 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 of this dividend was Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s payout ratio is currently 27.83%.

About Bio-Techne

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.