Riverbridge Partners LLC reduced its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 620,453 shares of the biotechnology company's stock after selling 66,269 shares during the period. Riverbridge Partners LLC owned about 0.39% of Bio-Techne worth $36,377,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TECH. CX Institutional acquired a new position in Bio-Techne in the first quarter valued at about $27,000. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne in the fourth quarter valued at about $41,000. GeoWealth Management LLC acquired a new position in Bio-Techne in the fourth quarter valued at about $43,000. Whipplewood Advisors LLC boosted its position in Bio-Techne by 30,250.0% in the first quarter. Whipplewood Advisors LLC now owns 1,214 shares of the biotechnology company's stock valued at $71,000 after buying an additional 1,210 shares in the last quarter. Finally, Huntington National Bank boosted its position in Bio-Techne by 42.6% in the fourth quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock valued at $78,000 after buying an additional 322 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.
Bio-Techne Trading Down 1.2%
NASDAQ TECH traded down $0.59 during trading hours on Monday, hitting $49.30. The company's stock had a trading volume of 1,375,010 shares, compared to its average volume of 1,429,987. The stock has a fifty day moving average of $49.45 and a 200 day moving average of $60.98. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $83.62. The firm has a market capitalization of $7.73 billion, a P/E ratio of 60.12, a PEG ratio of 2.63 and a beta of 1.38. The company has a quick ratio of 2.58, a current ratio of 3.71 and a debt-to-equity ratio of 0.16.
Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The business had revenue of $316.18 million for the quarter, compared to analyst estimates of $317.92 million. During the same period in the prior year, the business posted $0.48 earnings per share. Bio-Techne's revenue was up 4.2% compared to the same quarter last year. Equities research analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.
Bio-Techne declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.
Bio-Techne Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a $0.08 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.32 annualized dividend and a yield of 0.65%. Bio-Techne's dividend payout ratio is currently 39.02%.
Analyst Ratings Changes
A number of research firms have commented on TECH. Citigroup reduced their price target on shares of Bio-Techne from $80.00 to $70.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Benchmark reiterated a "buy" rating and set a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. KeyCorp reiterated a "sector weight" rating on shares of Bio-Techne in a research report on Wednesday, April 9th. Wells Fargo & Company assumed coverage on shares of Bio-Techne in a research report on Friday, May 30th. They set an "overweight" rating and a $59.00 target price on the stock. Finally, Stifel Nicolaus reduced their target price on shares of 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 investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $72.00.
Check Out Our Latest Analysis on Bio-Techne
About Bio-Techne
(
Free Report)
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.
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