Bank of New York Mellon Corp Sells 31,568 Shares of Bio-Techne Corp $TECH

Key Points

• Bank of New York Mellon trimmed its Bio-Techne position by 1.8% in the first quarter, selling 31,568 shares and leaving it with 1,759,119 shares valued at about $91.9 million.
• Bio-Techne’s latest quarterly results missed expectations, with EPS of $0.53 versus $0.55 expected and revenue of $311.4 million versus $316.1 million forecast.
• Analyst sentiment has softened, with several firms lowering ratings; the stock now carries an average Hold rating and a consensus price target of $68.08.

Bank of New York Mellon Corp lowered its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,759,119 shares of the biotechnology company's stock after selling 31,568 shares during the period. Bank of New York Mellon Corp owned approximately 1.12% of Bio-Techne worth $91,932,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TECH. Asset Management One Co. Ltd. raised its stake in Bio-Techne by 2.7% during the 4th quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company's stock valued at $341,000 after buying an additional 153 shares during the last quarter. Accredited Investors Inc. boosted its stake in shares of Bio-Techne by 2.7% in the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock worth $356,000 after buying an additional 161 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Bio-Techne by 28.4% in the third quarter. Allworth Financial LP now owns 786 shares of the biotechnology company's stock worth $44,000 after acquiring an additional 174 shares during the period. Oppenheimer & Co. Inc. grew its holdings in shares of Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock worth $315,000 after acquiring an additional 181 shares during the period. Finally, Bryn Mawr Trust Advisors LLC increased its position in Bio-Techne by 5.1% during the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after acquiring an additional 194 shares during the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Price Performance

NASDAQ:TECH opened at $71.63 on Wednesday. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $11.22 billion, a P/E ratio of 103.81, a P/E/G ratio of 8.53 and a beta of 1.29. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.16. The business's 50-day moving average is $58.84 and its 200 day moving average is $58.56.

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 for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business's quarterly revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.56 earnings per share. On average, equities research analysts forecast that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne's payout ratio is currently 46.38%.

Analysts Set New Price Targets

Several analysts recently issued reports on TECH shares. Zacks Research lowered shares of Bio-Techne from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. Piper Sandler began coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a "neutral" rating and a $65.00 price target on the stock. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research report on Thursday, May 7th. Benchmark lowered Bio-Techne from a "buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Finally, Evercore cut Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $68.08.

About Bio-Techne

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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