Allspring Global Investments Holdings LLC Has $7.82 Million Stake in Bio-Techne Corp $TECH

Key Points

• Allspring Global Investments dramatically increased its Bio-Techne position by 2,020.1% in Q1, ending with 146,266 shares valued at about $7.82 million.
• Analyst sentiment on Bio-Techne has softened, with several firms downgrading the stock; the current consensus rating is Hold with an average price target of $68.08.
• Bio-Techne recently reported earnings and revenue below expectations, and the stock was trading near its 12-month high at $71.77 despite those results.

Allspring Global Investments Holdings LLC lifted its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 2,020.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,266 shares of the biotechnology company's stock after acquiring an additional 139,367 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.09% of Bio-Techne worth $7,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of TECH. Asset Management One Co. Ltd. lifted its stake in Bio-Techne by 2.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company's stock valued at $341,000 after buying an additional 153 shares during the period. Accredited Investors Inc. increased its holdings in Bio-Techne by 2.7% during the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock worth $356,000 after purchasing an additional 161 shares in the last quarter. Allworth Financial LP raised its position in Bio-Techne by 28.4% in the 3rd quarter. Allworth Financial LP now owns 786 shares of the biotechnology company's stock valued at $44,000 after buying an additional 174 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Bio-Techne by 3.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after purchasing an additional 181 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC lifted its position in shares of Bio-Techne by 5.1% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock worth $208,000 after buying an additional 194 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Evercore downgraded shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Zacks Research cut Bio-Techne from a "hold" rating to a "strong sell" rating in a report on Monday, June 8th. Weiss Ratings raised shares of Bio-Techne from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, May 7th. Royal Bank Of Canada downgraded Bio-Techne from an "outperform" rating to a "sector perform" rating and lifted their price target for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price for the company. in a research report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $68.08.

Bio-Techne Stock Performance

Shares of TECH opened at $71.77 on Friday. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10. The company has a market cap of $11.24 billion, a price-to-earnings ratio of 104.02, a P/E/G ratio of 8.55 and a beta of 1.29. The business's fifty day simple moving average is $59.92 and its two-hundred day simple moving average is $58.73. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.16.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The company had revenue of $311.42 million for the quarter, compared to analysts' expectations of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business's revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 EPS. Research analysts anticipate that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, May 18th. Bio-Techne's dividend payout ratio is 46.38%.

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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