Bio-Techne Corp $TECH Shares Bought by Korea Investment CORP

Key Points

• Korea Investment CORP increased its stake in Bio-Techne Corp by 82.2% in the first quarter, now holding approximately 0.08% of the company worth about $7.9 million.
• Bio-Techne announced a quarterly dividend of $0.08 per share, representing a dividend yield of 0.6%, with a payout ratio of 69.57%.
• A number of analysts have given Bio-Techne an average rating of "Moderate Buy" with a price target of $69.42, reflecting mixed investor sentiment on the stock.

Korea Investment CORP boosted its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 82.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 134,345 shares of the biotechnology company's stock after purchasing an additional 60,600 shares during the period. Korea Investment CORP owned about 0.08% of Bio-Techne worth $7,877,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TECH. Canada Pension Plan Investment Board lifted its position in Bio-Techne by 104.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 4,300 shares of the biotechnology company's stock valued at $310,000 after purchasing an additional 2,200 shares during the period. GeoWealth Management LLC acquired a new position in Bio-Techne during the fourth quarter valued at $43,000. Dimensional Fund Advisors LP lifted its position in Bio-Techne by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 953,786 shares of the biotechnology company's stock valued at $68,705,000 after purchasing an additional 53,217 shares during the period. MetLife Investment Management LLC lifted its position in Bio-Techne by 2.6% during the fourth quarter. MetLife Investment Management LLC now owns 41,988 shares of the biotechnology company's stock valued at $3,024,000 after purchasing an additional 1,055 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Bio-Techne by 193.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,823 shares of the biotechnology company's stock valued at $780,000 after purchasing an additional 7,129 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on TECH shares. Stifel Nicolaus decreased their target price on shares of Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. TD Cowen assumed coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective for the company. UBS Group decreased their price objective on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Benchmark reiterated a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a research report on Thursday, June 5th. Finally, Royal Bank Of Canada decreased their price objective on shares of Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating for the company in a research report on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $69.42.

Bio-Techne Stock Up 5.7%

TECH stock opened at $57.09 on Friday. The stock has a market capitalization of $8.95 billion, a P/E ratio of 124.11, a P/E/G ratio of 3.44 and a beta of 1.40. The firm has a 50-day simple moving average of $53.10 and a 200-day simple moving average of $54.80. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 52 week low of $46.01 and a 52 week high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released 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 business had revenue of $316.96 million during the quarter, compared to analysts' expectations of $315.14 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The company's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 earnings per share. Equities analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the biotechnology company to buy up to 6.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Bio-Techne Announces Dividend

The business 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 of this dividend is Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. Bio-Techne's payout ratio is currently 69.57%.

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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