Amundi Sells 148,342 Shares of Bio-Techne Corp $TECH

Key Points

• Amundi cut its Bio-Techne stake by 67.2% in the first quarter, selling 148,342 shares and retaining 72,315 shares valued at approximately $3.8 million.
• Institutional ownership remains very high at 98.95%, with several other funds—including Goldman Sachs, First Trust Advisors and Natixis—adding to their positions.
• Analyst sentiment is predominantly neutral: the stock has a consensus “Hold” rating and a $68.08 price target, while Bio-Techne recently traded near its 52-week high after missing quarterly earnings and revenue estimates.

Amundi reduced its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 67.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,315 shares of the biotechnology company's stock after selling 148,342 shares during the quarter. Amundi's holdings in Bio-Techne were worth $3,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in Bio-Techne by 12.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company's stock valued at $62,379,000 after purchasing an additional 113,634 shares in the last quarter. Woodline Partners LP increased its position in shares of Bio-Techne by 40.0% during the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock valued at $783,000 after purchasing an additional 3,814 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock valued at $35,000 after buying an additional 562 shares in the last quarter. First Trust Advisors LP lifted its position in Bio-Techne by 1,085.7% in the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company's stock worth $5,424,000 after buying an additional 96,527 shares during the last quarter. Finally, Natixis boosted its stake in Bio-Techne by 82.6% in the second quarter. Natixis now owns 24,991 shares of the biotechnology company's stock worth $1,286,000 after buying an additional 11,306 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on TECH shares. Robert W. Baird boosted their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Royal Bank Of Canada cut shares of Bio-Techne from an "outperform" rating to a "sector perform" rating and lifted their target price for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Evercore downgraded shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bio-Techne in a research note on Tuesday. Finally, TD Cowen downgraded Bio-Techne from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Three analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $68.08.

Bio-Techne Trading Down 0.1%

NASDAQ TECH opened at $71.90 on Friday. The stock has a market cap of $11.26 billion, a P/E ratio of 104.20, a price-to-earnings-growth ratio of 8.58 and a beta of 1.28. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.36. The stock has a 50 day simple moving average of $64.90 and a two-hundred day simple moving average of $59.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49.

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

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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