Bank of New York Mellon Corp Has $141.56 Million Position in Bio-Techne Corp (NASDAQ:TECH)

Bank of New York Mellon Corp cut its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 0.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,414,371 shares of the biotechnology company's stock after selling 16,938 shares during the quarter. Bank of New York Mellon Corp owned about 1.53% of Bio-Techne worth $141,555,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. CX Institutional bought a new position in shares of Bio-Techne in the first quarter valued at approximately $27,000. Itau Unibanco Holding S.A. bought a new position in shares of Bio-Techne in the fourth quarter valued at approximately $41,000. GeoWealth Management LLC bought a new position in shares of Bio-Techne in the fourth quarter valued at approximately $43,000. Kiely Wealth Advisory Group Inc. raised its position in shares of Bio-Techne by 1,355.6% in the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock valued at $81,000 after purchasing an additional 976 shares during the period. Finally, Huntington National Bank raised its position in shares of 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 purchasing an additional 322 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Trading Up 2.2%

Shares of Bio-Techne stock opened at $52.68 on Wednesday. The firm has a market capitalization of $8.26 billion, a PE ratio of 64.24, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.71 and a quick ratio of 2.58. The company's fifty day moving average price is $50.01 and its two-hundred day moving average price is $59.33. 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 announced its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. The firm had revenue of $316.18 million for the quarter, compared to analyst estimates of $317.92 million. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The business's revenue for the quarter was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 EPS. On average, analysts expect that Bio-Techne Corp will post 1.67 EPS for the current year.

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

Bio-Techne Announces Dividend

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

Analyst Upgrades and Downgrades

TECH has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Royal Bank Of Canada dropped their target price on shares of Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. UBS Group dropped their target price on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a research report on Wednesday, April 9th. Finally, Stifel Nicolaus dropped their target price on shares of Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $72.00.

About Bio-Techne

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.

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