197,426 Shares in Bio-Techne Corp $TECH Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management bought 197,426 Bio-Techne shares worth approximately $13.95 million, giving it a 0.13% stake. Institutional investors collectively own 98.95% of the company.
• Analyst sentiment is largely neutral: Bio-Techne has a consensus “Hold” rating from MarketBeat, with an average price target of $68.92, despite several recent target increases to $73.
• Bio-Techne reported quarterly revenue of $321.19 million, above estimates, while earnings matched expectations at $0.52 per share. The company also raised its quarterly dividend to $0.65 per share, implying a 3.6% annualized yield.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 197,426 shares of the biotechnology company's stock, valued at approximately $13,948,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.13% of Bio-Techne at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Danske Bank A S purchased a new stake in Bio-Techne in the 4th quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Bio-Techne during the third quarter valued at about $32,000. iSAM Funds UK Ltd bought a new stake in shares of Bio-Techne in the third quarter worth about $33,000. EverSource Wealth Advisors LLC increased its holdings in shares of Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Bio-Techne in the first quarter worth about $37,000. 98.95% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup downgraded Bio-Techne from a "buy" rating to a "neutral" rating and increased their target price for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Leerink Partners set a $73.00 price target on shares of Bio-Techne in a research report on Thursday, June 25th. Evercore downgraded shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Wells Fargo & Company lowered shares of Bio-Techne from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Finally, Robert W. Baird lifted their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $68.92.

Bio-Techne Stock Performance

Shares of Bio-Techne stock opened at $72.28 on Friday. The stock's fifty day moving average is $68.92 and its two-hundred day moving average is $59.45. The company has a market capitalization of $11.32 billion, a PE ratio of 62.85, a price-to-earnings-growth ratio of 8.63 and a beta of 1.28. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $314.63 million. During the same period last year, the company posted $0.53 earnings per share. The company's quarterly revenue was up 1.3% compared to the same quarter last year. As a group, analysts expect that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. Bio-Techne's dividend 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.

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