Bio-Techne Corp (NASDAQ:TECH) Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Bio-Techne Corp by 200.8% during the first quarter, now holding 41,697 shares valued at approximately $2.45 million.
• Bio-Techne reported a quarterly earnings per share of $0.56, surpassing analysts' estimates, while its revenue reached $316.18 million, slightly below expectations.
• The company announced a stock repurchase plan allowing for the buyback of $500 million in shares, indicating management's belief that the stock is undervalued.

Allianz Asset Management GmbH grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 200.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,697 shares of the biotechnology company's stock after buying an additional 27,833 shares during the period. Allianz Asset Management GmbH's holdings in Bio-Techne were worth $2,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its position in shares of Bio-Techne by 13.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,654,267 shares of the biotechnology company's stock worth $767,428,000 after purchasing an additional 1,229,954 shares during the last quarter. Brown Advisory Inc. increased its holdings in shares of Bio-Techne by 45.7% during the first quarter. Brown Advisory Inc. now owns 1,912,377 shares of the biotechnology company's stock valued at $112,123,000 after acquiring an additional 599,982 shares in the last quarter. Select Equity Group L.P. boosted its position in Bio-Techne by 26.9% in the fourth quarter. Select Equity Group L.P. now owns 2,335,359 shares of the biotechnology company's stock valued at $168,216,000 after buying an additional 495,404 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Bio-Techne by 18.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,025,409 shares of the biotechnology company's stock valued at $177,380,000 after buying an additional 472,847 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new stake in Bio-Techne in the 4th quarter worth approximately $30,047,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

NASDAQ:TECH traded up $0.16 during trading hours on Friday, hitting $54.89. The company's stock had a trading volume of 1,771,180 shares, compared to its average volume of 1,991,523. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.58 and a current ratio of 3.71. The company has a market capitalization of $8.61 billion, a PE ratio of 66.94, a PEG ratio of 2.62 and a beta of 1.39. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $81.30. The business's 50-day moving average is $51.91 and its two-hundred day moving average is $57.07.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The business had revenue of $316.18 million for the quarter, compared to analyst estimates of $317.92 million. During the same quarter last year, the company earned $0.48 earnings per share. The business's revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne declared that its Board of Directors has initiated a share buyback program on Wednesday, May 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its stock is undervalued.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, May 19th. Bio-Techne's dividend payout ratio is presently 39.02%.

Wall Street Analysts Forecast Growth

TECH has been the topic of a number of recent analyst reports. Benchmark reiterated a "buy" rating and set a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Wall Street Zen downgraded Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. TD Cowen assumed coverage on Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price for the company. Finally, Stephens upgraded Bio-Techne to a "strong-buy" rating and set a $65.00 price objective for the company in a research note on Tuesday, July 22nd. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Bio-Techne has a consensus rating of "Moderate Buy" and a consensus target price of $69.58.

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.