21,541 Shares in Bio-Techne Corp $TECH Acquired by Roberts Glore & Co. Inc. IL

Key Points

• Roberts Glore & Co. acquired 21,541 Bio-Techne shares worth approximately $1.52 million in the second quarter. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.52, matching estimates, while revenue of $321.19 million exceeded expectations and increased 1.3% year over year.
• The company raised its quarterly dividend to $0.65 per share, implying an annualized dividend of $2.60 and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $68.92.

Roberts Glore & Co. Inc. IL purchased a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 21,541 shares of the biotechnology company's stock, valued at approximately $1,522,000.

Other institutional investors have also recently made changes to their positions in the company. Jupiter Topco LLC bought a new position in shares of Bio-Techne in the second quarter worth approximately $4,818,000. Kintayl Capital LP bought a new stake in Bio-Techne during the 2nd quarter valued at $1,603,000. Hsbc Holdings PLC purchased a new stake in Bio-Techne during the 2nd quarter valued at $17,110,000. Canada Pension Plan Investment Board purchased a new stake in Bio-Techne during the 2nd quarter valued at $21,781,000. Finally, Legal & General Group Plc bought a new stake in Bio-Techne in the 2nd quarter worth $19,514,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.33 on Wednesday. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.62. The stock has a market capitalization of $11.34 billion, a P/E ratio of 62.90, a P/E/G ratio of 8.62 and a beta of 1.28. The company's 50-day moving average is $69.93 and its 200 day moving average is $59.58. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting the consensus estimate 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 analyst estimates of $314.63 million. During the same period last year, the business posted $0.53 earnings per share. Bio-Techne's quarterly revenue was up 1.3% compared to the same quarter last year. On average, sell-side 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 declared 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. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Monday, August 24th. Bio-Techne's dividend payout ratio is presently 27.83%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TECH shares. Piper Sandler initiated coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a "neutral" rating and a $65.00 price objective for the company. 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 note on Friday, June 26th. Robert W. Baird upped their price target on Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Wells Fargo & Company cut Bio-Techne from an "overweight" rating to an "equal weight" rating and increased their price objective for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, Zacks Research lowered Bio-Techne from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Two research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $68.92.

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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