Alyeska Investment Group L.P. Sells 655,358 Shares of Bio-Techne Corp $TECH

Key Points

• Alyeska Investment Group cut its Bio-Techne stake by 99.4%, selling 655,358 shares in the second quarter and retaining just 3,691 shares worth approximately $261,000.
• Analysts maintain a generally cautious outlook: Bio-Techne has a consensus “Hold” rating from MarketBeat, with an average price target of $68.92 versus a recent share price of $72.18.
• Bio-Techne reported quarterly EPS of $0.52, matching estimates, while revenue of $321.19 million exceeded expectations. The company also raised its quarterly dividend to $0.65, equivalent to a 3.6% annualized yield.

Alyeska Investment Group L.P. lowered its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 99.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,691 shares of the biotechnology company's stock after selling 655,358 shares during the period. Alyeska Investment Group L.P.'s holdings in Bio-Techne were worth $261,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TECH. Tema ETFs LLC lifted its position in shares of Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock worth $199,000 after purchasing an additional 145 shares during the last quarter. Accredited Investors Inc. boosted its position in shares of Bio-Techne by 2.7% in the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock valued at $356,000 after acquiring an additional 161 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after acquiring an additional 181 shares during the period. Bryn Mawr Trust Advisors LLC increased its holdings 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 purchasing an additional 194 shares during the period. Finally, New Mexico Educational Retirement Board grew its position in Bio-Techne by 2.8% during the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company's stock worth $429,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Benchmark reiterated a "hold" rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Stephens set a $73.00 target price on shares of Bio-Techne and gave the company an "equal weight" rating in a research report on Friday, June 26th. Leerink Partners set a $73.00 target price on shares of Bio-Techne in a research note on Thursday, June 25th. Zacks Research raised shares of Bio-Techne from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Finally, Evercore cut shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Two analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat, Bio-Techne currently has a consensus rating of "Hold" and an average price target of $68.92.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $72.18 on Wednesday. The stock has a market capitalization of $11.32 billion, a P/E ratio of 62.77, a price-to-earnings-growth ratio of 8.61 and a beta of 1.28. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.62. The firm has a 50 day moving average of $71.51 and a 200-day moving average of $59.83.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting analysts' consensus estimates of $0.52. The firm had revenue of $321.19 million during the quarter, compared to analysts' expectations of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business's revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be given a $0.65 dividend. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date is Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne's dividend payout ratio is presently 27.83%.

Bio-Techne 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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