Bio-Techne Corp (NASDAQ:TECH) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 15.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 620,136 shares of the biotechnology company's stock after selling 116,204 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.39% of Bio-Techne worth $35,565,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Bio-Techne by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 18,594,608 shares of the biotechnology company's stock worth $1,339,370,000 after purchasing an additional 275,644 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Bio-Techne by 13.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,654,267 shares of the biotechnology company's stock worth $767,428,000 after buying an additional 1,229,954 shares during the period. Ameriprise Financial Inc. lifted its holdings in Bio-Techne by 7.2% during the 4th quarter. Ameriprise Financial Inc. now owns 4,702,942 shares of the biotechnology company's stock valued at $338,756,000 after buying an additional 317,349 shares in the last quarter. Geode Capital Management LLC grew its stake in Bio-Techne by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 4,001,296 shares of the biotechnology company's stock worth $287,488,000 after acquiring an additional 98,660 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Bio-Techne by 10.4% in the fourth quarter. Invesco Ltd. now owns 3,820,464 shares of the biotechnology company's stock valued at $275,188,000 after acquiring an additional 358,756 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Trading Up 1.2%

NASDAQ TECH traded up $0.61 during trading hours on Wednesday, reaching $52.69. The company had a trading volume of 232,751 shares, compared to its average volume of 1,443,476. The company has a current ratio of 3.71, a quick ratio of 2.58 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $8.26 billion, a P/E ratio of 63.92, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39. The stock has a 50-day moving average of $49.77 and a 200 day moving average of $60.05. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $83.62.

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 the consensus estimate of $0.51 by $0.05. The business had revenue of $316.18 million during the quarter, compared to analyst estimates of $317.92 million. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The business's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 earnings per share. As a group, research analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Monday, May 19th. Bio-Techne's dividend payout ratio is presently 39.02%.

Bio-Techne announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. UBS Group lowered their target price on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Evercore ISI began coverage on Bio-Techne in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $75.00 price objective for the company. Wall Street Zen downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a report on Wednesday, April 9th. Finally, Citigroup cut their price target on Bio-Techne from $80.00 to $70.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $72.00.

Bio-Techne Profile

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.