1,010,860 Shares in Bio-Techne Corp $TECH Acquired by RGM Capital LLC

Key Points

• RGM Capital LLC acquired over 1 million shares of Bio-Techne Corp, valued at approximately $59.3 million, making it the fund's 18th largest holding.
• Bio-Techne's stock recently opened at $56.71 and has a market cap of $8.89 billion, with a P/E ratio of 123.29.
• The company announced a $500 million stock repurchase plan and will pay a quarterly dividend of $0.08 per share on August 29th.

RGM Capital LLC bought a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,010,860 shares of the biotechnology company's stock, valued at approximately $59,267,000. Bio-Techne makes up approximately 2.5% of RGM Capital LLC's investment portfolio, making the stock its 18th largest holding. RGM Capital LLC owned 0.64% of Bio-Techne at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CX Institutional bought a new stake in Bio-Techne during the first quarter worth approximately $27,000. AlphaQuest LLC bought a new position in shares of Bio-Techne in the first quarter valued at $34,000. Itau Unibanco Holding S.A. bought a new position in shares of Bio-Techne in the fourth quarter valued at $41,000. Federated Hermes Inc. bought a new position in shares of Bio-Techne in the first quarter valued at $41,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Bio-Techne by 1,239.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock valued at $54,000 after buying an additional 855 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

Bio-Techne Trading Down 0.7%

Bio-Techne stock opened at $56.71 on Tuesday. The company's fifty day simple moving average is $53.20 and its 200-day simple moving average is $54.40. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95. The stock has a market cap of $8.89 billion, a P/E ratio of 123.29, a P/E/G ratio of 3.64 and a beta of 1.40.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The business had revenue of $316.96 million for the quarter, compared to analysts' expectations of $315.14 million. During the same period in the previous year, the company posted $0.49 EPS. Bio-Techne's revenue was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne announced that its board has initiated a stock repurchase plan on Wednesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the biotechnology company to reacquire up to 6.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

Bio-Techne Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, August 18th. Bio-Techne's payout ratio is currently 69.57%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TECH shares. Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. TD Cowen assumed coverage on Bio-Techne in a report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target on the stock. Royal Bank Of Canada lowered their price objective on shares of Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Scotiabank lowered their price objective on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. Finally, Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price objective on the stock in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Bio-Techne has an average rating of "Moderate Buy" and an average target price of $69.42.

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.

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