Bio-Techne Corp (NASDAQ:TECH) Stock Position Raised by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Bio-Techne Corp by 3.1%, owning approximately 0.96% of the company worth $88.6 million as of the latest SEC filing.
• Bio-Techne recently reported earnings of $0.53 per share for the quarter, exceeding estimates and indicating a 3.6% year-over-year revenue increase.
• The company has authorized a $500 million stock buyback program to reacquire up to 6.5% of its shares, signaling the board's belief that the stock is undervalued.

Charles Schwab Investment Management Inc. grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,511,260 shares of the biotechnology company's stock after acquiring an additional 45,570 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.96% of Bio-Techne worth $88,605,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TECH. CX Institutional purchased a new position in shares of Bio-Techne during the 1st quarter valued at approximately $27,000. Itau Unibanco Holding S.A. purchased a new position in shares of Bio-Techne during the 4th quarter valued at approximately $41,000. Federated Hermes Inc. purchased a new position in shares of Bio-Techne during the 1st quarter valued at approximately $41,000. GeoWealth Management LLC purchased a new position in shares of Bio-Techne during the 4th quarter valued at approximately $43,000. Finally, Horizon Financial Services LLC purchased a new position in shares of Bio-Techne during the 1st quarter valued at approximately $69,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Performance

NASDAQ TECH traded down $0.97 during trading hours on Thursday, hitting $53.74. The company had a trading volume of 1,597,102 shares, compared to its average volume of 2,529,792. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $80.95. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $52.62 and a 200-day simple moving average of $55.56. The firm has a market cap of $8.42 billion, a P/E ratio of 116.83, a price-to-earnings-growth ratio of 3.40 and a beta of 1.40.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.03. The company had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%. The company's quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. Equities analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

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

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, August 18th. This represents a $0.32 annualized dividend and a yield of 0.6%. Bio-Techne's dividend payout ratio (DPR) is currently 69.57%.

Analysts Set New Price Targets

Several research firms recently issued reports on TECH. TD Cowen began coverage on Bio-Techne in a research report on Wednesday, July 9th. They set a "buy" rating and a $65.00 price target on the stock. Scotiabank dropped their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. Benchmark reissued a "buy" rating and set a $75.00 price target on shares of Bio-Techne in a research report on Thursday, June 5th. UBS Group dropped their price target on Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Stifel Nicolaus dropped their price target on 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 analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $69.42.

Bio-Techne 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.