Bank of America Corp DE Takes $67.49 Million Position in Bio-Techne Corp $TECH

Key Points

• Bank of America acquired 955,237 Bio-Techne shares worth approximately $67.5 million, representing about 0.61% of the company. Institutional investors collectively own 98.95% of Bio-Techne.
• Bio-Techne reported quarterly EPS of $0.52, in line with estimates, while revenue of $321.19 million exceeded forecasts and increased 1.3% year over year.
• The stock traded near its 52-week high at $72.37, while analysts largely maintained Hold ratings, with a consensus price target of $68.92. The company also raised its quarterly dividend to $0.65 per share.

Bank of America Corp DE purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 955,237 shares of the biotechnology company's stock, valued at approximately $67,488,000. Bank of America Corp DE owned approximately 0.61% of Bio-Techne at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TECH. Cassaday & Co Wealth Management LLC bought a new stake in Bio-Techne during the 1st quarter worth $37,000. Avalon Trust Co bought a new position in shares of Bio-Techne in the 2nd quarter worth about $42,000. Allworth Financial LP acquired a new position in shares of Bio-Techne during the 2nd quarter valued at $59,000. Eurizon Capital SGR S.p.A. acquired a new stake in Bio-Techne in the fourth quarter valued at approximately $89,000. Finally, Parallel Advisors LLC lifted its stake in shares of Bio-Techne by 13.2% in the first quarter. Parallel Advisors LLC now owns 1,936 shares of the biotechnology company's stock valued at $101,000 after buying an additional 225 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $72.37 on Friday. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average of $72.12 and a 200 day moving average of $61.09. The company has a market cap of $11.35 billion, a PE ratio of 62.93, a P/E/G ratio of 8.61 and a beta of 1.28.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $0.52. The company had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne's revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 earnings per share. As a group, equities research analysts forecast that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Piper Sandler started coverage on shares of Bio-Techne in a report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price objective on the stock. Robert W. Baird lifted their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Citigroup cut Bio-Techne from a "buy" rating to a "neutral" rating and upped their price target for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Finally, TD Cowen cut shares of Bio-Techne from a "buy" rating to a "hold" rating and raised their price objective for the company from $65.00 to $73.00 in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $68.92.

About Bio-Techne

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.

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