Deutsche Bank AG Raises Stock Position in Bio-Techne Corp (NASDAQ:TECH)

Key Points

• Deutsche Bank AG increased its stake in Bio-Techne Corp by 3.5% during the first quarter, now owning over 1 million shares valued at approximately $62.8 million.
• Seven analysts have rated Bio-Techne with a consensus rating of "Moderate Buy" and a target price of about $69.42.
• Bio-Techne recently declared a quarterly dividend of $0.08 per share, along with a share repurchase program authorizing up to $500 million in buybacks.

Deutsche Bank AG raised its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 3.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,071,231 shares of the biotechnology company's stock after purchasing an additional 36,623 shares during the period. Deutsche Bank AG owned 0.68% of Bio-Techne worth $62,806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Bio-Techne by 17.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,630 shares of the biotechnology company's stock worth $1,153,000 after acquiring an additional 2,980 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Bio-Techne during the 1st quarter worth approximately $1,362,000. GAMMA Investing LLC lifted its stake in shares of Bio-Techne by 3,534.0% during the 1st quarter. GAMMA Investing LLC now owns 105,241 shares of the biotechnology company's stock worth $6,170,000 after acquiring an additional 102,345 shares during the last quarter. CX Institutional bought a new stake in shares of Bio-Techne during the 1st quarter worth approximately $27,000. Finally, State of Alaska Department of Revenue grew its holdings in shares of Bio-Techne by 2.2% in the first quarter. State of Alaska Department of Revenue now owns 18,524 shares of the biotechnology company's stock worth $1,086,000 after purchasing an additional 405 shares during the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. TD Cowen assumed coverage on Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective on the stock. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 price objective on the stock in a research note on Tuesday, July 22nd. UBS Group dropped their price objective on Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Stifel Nicolaus dropped their price objective on Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Finally, Wells Fargo & Company assumed coverage on Bio-Techne in a research note on Friday, May 30th. They issued an "overweight" rating and a $59.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Bio-Techne currently has an average rating of "Moderate Buy" and an average price target of $69.42.

Bio-Techne Stock Up 3.6%

Shares of Bio-Techne stock traded up $1.88 during trading hours on Wednesday, reaching $54.71. 1,666,933 shares of the company were exchanged, compared to its average volume of 2,500,122. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.95. The stock's fifty day moving average is $52.52 and its 200 day moving average is $55.71. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. The firm has a market cap of $8.58 billion, a PE ratio of 118.94, a PEG ratio of 3.23 and a beta of 1.40.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The company had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same quarter in the prior year, the firm posted $0.49 earnings per share. Bio-Techne's revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

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

Bio-Techne declared that its board has initiated a stock repurchase program on Wednesday, May 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the biotechnology company to purchase up to 6.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

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.