Bank of New York Mellon Corp Invests $90.31 Million in Bio-Techne Corp $TECH

Bank of New York Mellon Corp bought 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 & Exchange Commission. The institutional investor bought 1,278,196 shares of the biotechnology company's stock, valued at approximately $90,305,000. Bank of New York Mellon Corp owned approximately 0.82% of Bio-Techne as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in shares of 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 worth $62,379,000 after purchasing an additional 113,634 shares in the last quarter. Woodline Partners LP grew its position in shares of Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock valued at $783,000 after buying an additional 3,814 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Bio-Techne by 1,085.7% in the second quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company's stock valued at $5,424,000 after acquiring an additional 96,527 shares during the period. Finally, Natixis raised its holdings in shares of Bio-Techne by 82.6% in the second quarter. Natixis now owns 24,991 shares of the biotechnology company's stock valued at $1,286,000 after buying an additional 11,306 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Up 0.1%

Shares of NASDAQ TECH opened at $72.39 on Tuesday. The company has a market cap of $11.35 billion, a price-to-earnings ratio of 62.95, a PEG ratio of 8.61 and a beta of 1.28. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. The stock has a 50-day moving average price of $69.61 and a two-hundred day moving average price of $59.55.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The company had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same period in the previous year, the firm posted $0.53 EPS. The firm's revenue was up 1.3% on a year-over-year basis. As a group, analysts forecast that Bio-Techne Corp will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have weighed in on TECH. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bio-Techne in a report on Tuesday, August 4th. Evercore cut Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price target for the company. in a report on Friday, June 26th. Stifel Nicolaus set a $50.00 target price on shares of Bio-Techne in a report on Thursday, May 7th. Finally, Royal Bank Of Canada downgraded shares of Bio-Techne from an "outperform" rating to a "sector perform" rating and increased their price objective for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price 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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