American Capital Management Inc. Buys Shares of 973,789 Bio-Techne Corp $TECH

American Capital Management Inc. purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 973,789 shares of the biotechnology company's stock, valued at approximately $68,798,000. Bio-Techne makes up 3.1% of American Capital Management Inc.'s holdings, making the stock its 9th largest holding. American Capital Management Inc. owned 0.62% of Bio-Techne at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new position in Bio-Techne in the 2nd quarter valued at about $990,924,000. Wellington Management Group LLP grew its holdings in shares of Bio-Techne by 349.8% during the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company's stock worth $284,555,000 after buying an additional 3,978,026 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. grew its holdings in shares of Bio-Techne by 131.4% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company's stock worth $177,266,000 after buying an additional 1,926,066 shares in the last quarter. Norges Bank acquired a new position in shares of Bio-Techne in the fourth quarter valued at approximately $99,494,000. Finally, Durable Capital Partners LP acquired a new position in shares of Bio-Techne in the third quarter valued at approximately $77,658,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.38 on Thursday. The company has a market cap of $11.35 billion, a price-to-earnings ratio of 62.94, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. 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 stock's 50-day moving average is $70.28 and its 200-day moving average is $59.63.

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

Bio-Techne Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TECH. Evercore downgraded Bio-Techne from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Piper Sandler assumed coverage on Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price target on the stock. in a research note on Friday, June 26th. Citigroup cut Bio-Techne from a "buy" rating to a "neutral" rating and lifted their price target for the company from $70.00 to $73.00 in a report on Friday, June 26th. Finally, Zacks Research downgraded shares of Bio-Techne from a "hold" rating to a "strong sell" rating in a research note on Monday, June 8th. Two analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $68.92.

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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