39,860 Shares of Bio-Techne Corp $TECH Purchased by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments bought a new Bio-Techne stake of 39,860 shares in the third quarter, valued at approximately $2.89 million. Institutional investors own 98.95% of the stock.
• Bio-Techne matched quarterly EPS estimates at $0.44 and beat revenue expectations, reporting $299.71 million versus $292.60 million expected.
• The company cut its quarterly dividend to $0.08 per share from $0.65. Analysts’ consensus rating is “Hold,” with an average price target of $68.92.

Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,860 shares of the biotechnology company's stock, valued at approximately $2,889,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Root Financial Partners LLC bought a new stake in shares of Bio-Techne during the 3rd quarter worth approximately $27,000. Avalon Trust Co acquired a new position in Bio-Techne during the second quarter worth $42,000. Cassaday & Co Wealth Management LLC acquired a new position in Bio-Techne during the first quarter worth $37,000. Allworth Financial LP bought a new stake in Bio-Techne during the second quarter worth $59,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Bio-Techne during the second quarter worth $71,000. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

Bio-Techne stock traded up $0.12 during mid-day trading on Friday, hitting $72.78. 2,307,614 shares of the company's stock traded hands, compared to its average volume of 2,793,068. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The firm has a 50 day simple moving average of $72.48 and a two-hundred day simple moving average of $63.38. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.83. The stock has a market cap of $11.43 billion, a price-to-earnings ratio of 63.29, a P/E/G ratio of 5.27 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its earnings results on Wednesday, November 4th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.44. The company had revenue of $299.71 million during the quarter, compared to analysts' expectations of $292.60 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. On average, research analysts expect that Bio-Techne Corp will post 1.75 EPS for the current fiscal year.

Bio-Techne Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Friday, November 13th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. This is a negative change from Bio-Techne's previous quarterly dividend of $0.65. Bio-Techne's payout ratio is currently 27.83%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TECH. Argus downgraded shares of Bio-Techne from a "strong-buy" rating to a "strong sell" rating in a research report on Monday, October 26th. Benchmark reaffirmed a "hold" rating on shares of Bio-Techne in a report on Wednesday, August 19th. Zacks Research upgraded shares of Bio-Techne from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 29th. Wells Fargo & Company downgraded shares of Bio-Techne from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Finally, Weiss Ratings upgraded Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $68.92.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research and diagnostic products for biotechnology, pharmaceutical, academic, clinical and other laboratory customers. The company supports biological research, drug discovery and development, and diagnostic testing through a portfolio of reagents, instruments and analytical technologies.

Its products include proteins, antibodies, immunoassays, flow cytometry reagents, molecular biology tools and cell culture materials.

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