Asset Management One Co. Ltd. Acquires 15,506 Shares of Bio-Techne Corp (NASDAQ:TECH)

Asset Management One Co. Ltd. increased its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 136,541 shares of the biotechnology company's stock after buying an additional 15,506 shares during the quarter. Asset Management One Co. Ltd. owned 0.09% of Bio-Techne worth $8,009,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of TECH. CX Institutional acquired a new position in Bio-Techne during the first quarter worth about $27,000. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne during the 4th quarter worth approximately $41,000. GeoWealth Management LLC acquired a new position in Bio-Techne during the 4th quarter worth approximately $43,000. Whipplewood Advisors LLC lifted its stake in Bio-Techne by 30,250.0% in the 1st quarter. Whipplewood Advisors LLC now owns 1,214 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 1,210 shares during the last quarter. Finally, Huntington National Bank boosted its position in Bio-Techne by 42.6% in the fourth quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock valued at $78,000 after buying an additional 322 shares in the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Trading Up 1.2%

Shares of TECH traded up $0.63 during mid-day trading on Tuesday, reaching $52.08. 2,532,628 shares of the company were exchanged, compared to its average volume of 1,448,220. The business has a 50 day simple moving average of $49.77 and a two-hundred day simple moving average of $60.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.58 and a current ratio of 3.71. The stock has a market capitalization of $8.16 billion, a PE ratio of 63.51, a PEG ratio of 2.72 and a beta of 1.39. Bio-Techne Corp has a 52 week low of $46.01 and a 52 week high of $83.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $316.18 million during the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The company's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS. On average, analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.61%. The ex-dividend date of this dividend was Monday, May 19th. Bio-Techne's dividend payout ratio (DPR) is presently 39.02%.

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

Analysts Set New Price Targets

TECH has been the subject of several research analyst reports. KeyCorp reiterated a "sector weight" rating on shares of Bio-Techne in a report on Wednesday, April 9th. Wells Fargo & Company began coverage on Bio-Techne in a research report on Friday, May 30th. They set an "overweight" rating and a $59.00 price objective on the stock. Evercore ISI started coverage on Bio-Techne in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $75.00 target price for the company. Stifel Nicolaus reduced their price target on Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. Finally, Citigroup lowered their price objective on Bio-Techne from $80.00 to $70.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Bio-Techne presently has an average rating of "Hold" and a consensus price target of $72.00.

Bio-Techne Company 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.