Envestnet Portfolio Solutions Inc. Sells 105,719 Shares of Bio-Techne Corp (NASDAQ:TECH)

Envestnet Portfolio Solutions Inc. reduced its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 77.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,524 shares of the biotechnology company's stock after selling 105,719 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Bio-Techne were worth $1,790,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TECH. Arrowstreet Capital Limited Partnership acquired a new position in shares of Bio-Techne during the 4th quarter worth about $3,940,000. GAMMA Investing LLC grew its position 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 buying an additional 102,345 shares during the period. CX Institutional acquired a new position in shares of Bio-Techne during the 1st quarter worth about $27,000. Fort Washington Investment Advisors Inc. OH grew its position in shares of Bio-Techne by 31.4% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 333,784 shares of the biotechnology company's stock worth $19,570,000 after buying an additional 79,750 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Bio-Techne by 20.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 52,339 shares of the biotechnology company's stock worth $3,069,000 after buying an additional 9,041 shares during the period. 98.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TECH has been the subject of several analyst reports. Wall Street Zen lowered Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Stifel Nicolaus decreased their target price on Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada decreased their target price on Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company started coverage on Bio-Techne in a research report on Friday, May 30th. They issued an "overweight" rating and a $59.00 price objective for the company. Finally, Evercore ISI started coverage on Bio-Techne in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $75.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $72.00.

Bio-Techne Stock Up 1.4%

NASDAQ TECH traded up $0.70 during trading on Tuesday, hitting $50.00. The stock had a trading volume of 1,539,051 shares, compared to its average volume of 1,432,948. The company has a market capitalization of $7.84 billion, a PE ratio of 60.98, a P/E/G ratio of 2.60 and a beta of 1.38. The company's 50-day moving average price is $49.43 and its two-hundred day moving average price is $60.91. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.58 and a current ratio of 3.71. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $83.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 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 analysts' expectations of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The business's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 EPS. As a group, sell-side analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date was Monday, May 19th. Bio-Techne's dividend payout ratio is currently 39.02%.

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

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.