Tema Etfs LLC Purchases 5,328 Shares of Bio-Techne Corp $TECH

Key Points

• Tema Etfs LLC significantly increased its stake in Bio-Techne Corp by 89.9%, owning 11,252 shares valued at approximately $660,000 after purchasing additional shares in the first quarter.
• Bio-Techne recently announced a $500 million stock repurchase program, indicating the board's belief that its shares may be undervalued.
• The company reported earnings per share (EPS) of $0.53 for the last quarter, exceeding estimates and showing a 3.6% revenue increase year-over-year.

Tema Etfs LLC lifted its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 89.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,252 shares of the biotechnology company's stock after buying an additional 5,328 shares during the period. Tema Etfs LLC's holdings in Bio-Techne were worth $660,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TECH. CX Institutional acquired a new stake in Bio-Techne during the first quarter valued at $27,000. AlphaQuest LLC acquired a new stake in Bio-Techne during the first quarter valued at $34,000. Itau Unibanco Holding S.A. acquired a new stake in Bio-Techne during the fourth quarter valued at $41,000. Federated Hermes Inc. acquired a new stake in Bio-Techne during the first quarter valued at $41,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Bio-Techne by 1,239.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock valued at $54,000 after purchasing an additional 855 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Performance

Shares of NASDAQ TECH traded up $0.30 during trading hours on Friday, hitting $54.63. 1,720,779 shares of the company's stock were exchanged, compared to its average volume of 2,222,321. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of 118.76, a PEG ratio of 3.48 and a beta of 1.47. The company's 50-day moving average price is $53.64 and its 200-day moving average price is $54.05.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $316.96 million during the quarter, compared to analysts' expectations of $315.14 million. During the same quarter in the previous year, the firm earned $0.49 EPS. The firm's revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts expect 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 initiated a stock repurchase plan on Wednesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the biotechnology company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 18th. Bio-Techne's payout ratio is currently 69.57%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TECH. UBS Group reduced their price objective on Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Wells Fargo & Company initiated coverage on Bio-Techne in a research note on Friday, May 30th. They set an "overweight" rating and a $59.00 price target for the company. Royal Bank Of Canada reduced their target price on Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating for the company in a report on Thursday, August 7th. TD Cowen assumed coverage on Bio-Techne in a research report on Wednesday, July 9th. They set a "buy" rating and a $65.00 target price for the company. Finally, Scotiabank decreased their target price on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $69.42.

Bio-Techne Company 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.