Bio-Techne Corp $TECH Shares Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Bio-Techne Corp by 96%, owning 0.33% of the company valued at $30.82 million after acquiring an additional 257,652 shares.
• Bio-Techne announced a quarterly dividend of $0.08 per share, with a payout ratio of 69.57%.
• The company reported a quarterly EPS of $0.53, surpassing analysts' expectations, and a 3.6% year-over-year revenue growth.

Hsbc Holdings PLC boosted its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 96.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 526,124 shares of the biotechnology company's stock after buying an additional 257,652 shares during the period. Hsbc Holdings PLC owned 0.33% of Bio-Techne worth $30,822,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. CX Institutional acquired a new position in shares of Bio-Techne in the first quarter valued at approximately $27,000. Itau Unibanco Holding S.A. acquired a new position in shares of Bio-Techne in the fourth quarter valued at approximately $41,000. Federated Hermes Inc. acquired a new position in shares of Bio-Techne in the first quarter valued at approximately $41,000. GeoWealth Management LLC acquired a new position in shares of Bio-Techne in the fourth quarter valued at approximately $43,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Bio-Techne by 1,239.1% in 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 period. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Up 5.7%

Bio-Techne stock opened at $57.09 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.95. The company has a market cap of $8.95 billion, a PE ratio of 124.11, a price-to-earnings-growth ratio of 3.44 and a beta of 1.40. The stock's 50 day moving average price is $53.10 and its 200 day moving average price is $54.80.

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

Bio-Techne Announces Dividend

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

Bio-Techne announced that its board has approved a share buyback program on Wednesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently issued reports on TECH shares. UBS Group dropped their target price on Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Benchmark reissued a "buy" rating and issued a $75.00 target price on shares of Bio-Techne in a report on Thursday, June 5th. Wells Fargo & Company started coverage on Bio-Techne in a report on Friday, May 30th. They issued an "overweight" rating and a $59.00 target price on the stock. TD Cowen began coverage on Bio-Techne in a report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price on the stock. Finally, Wall Street Zen downgraded Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus 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.

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