Envestnet Asset Management Inc. Sells 44,093 Shares of Bio-Techne Co. (NASDAQ:TECH)

Envestnet Asset Management Inc. decreased its position in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 349,130 shares of the biotechnology company's stock after selling 44,093 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.22% of Bio-Techne worth $25,148,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TECH. Norges Bank bought a new stake in shares of Bio-Techne during the fourth quarter valued at approximately $137,301,000. Raymond James Financial Inc. bought a new position in shares of Bio-Techne during the fourth quarter worth $44,479,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Bio-Techne by 21.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,040,840 shares of the biotechnology company's stock valued at $147,002,000 after acquiring an additional 354,478 shares in the last quarter. Weitz Investment Management Inc. increased its holdings in Bio-Techne by 707.7% in the 4th quarter. Weitz Investment Management Inc. now owns 381,250 shares of the biotechnology company's stock valued at $27,461,000 after acquiring an additional 334,050 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Bio-Techne by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 18,594,608 shares of the biotechnology company's stock worth $1,339,370,000 after purchasing an additional 275,644 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

Bio-Techne Trading Down 3.7 %

Shares of NASDAQ:TECH traded down $1.87 during trading hours on Friday, hitting $48.10. 2,741,466 shares of the company's stock traded hands, compared to its average volume of 1,194,996. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.94 and a quick ratio of 2.77. The business has a fifty day moving average price of $59.50 and a 200-day moving average price of $68.86. Bio-Techne Co. has a 1 year low of $46.44 and a 1 year high of $85.57. The firm has a market capitalization of $7.60 billion, a P/E ratio of 48.59, a price-to-earnings-growth ratio of 2.88 and a beta of 1.45.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The biotechnology company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. Equities analysts expect that Bio-Techne Co. will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Monday, February 17th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.67%. Bio-Techne's payout ratio is 32.32%.

Insider Buying and Selling

In related news, Director Amy E. Herr sold 1,860 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $65.96, for a total value of $122,685.60. Following the completion of the sale, the director now directly owns 1,976 shares of the company's stock, valued at $130,336.96. This represents a 48.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kim Kelderman sold 13,392 shares of the firm's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $77.29, for a total transaction of $1,035,067.68. Following the transaction, the chief executive officer now directly owns 39,004 shares in the company, valued at $3,014,619.16. This trade represents a 25.56 % decrease in their position. The disclosure for this sale can be found here. 3.90% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TECH shares. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a report on Wednesday, April 9th. StockNews.com raised Bio-Techne from a "hold" rating to a "buy" rating in a report on Thursday. Citigroup cut their target price on shares of Bio-Techne from $80.00 to $70.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Royal Bank of Canada upped their price target on shares of Bio-Techne from $79.00 to $80.00 and gave the company a "sector perform" rating in a research note on Thursday, February 6th. Finally, Evercore ISI initiated coverage on shares of Bio-Techne in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $75.00 price objective for the company. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Bio-Techne has an average rating of "Moderate Buy" and an average target price of $81.25.

About Bio-Techne

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.