Bio-Techne Corp $TECH Shares Bought by Select Equity Group L.P.

Key Points

• Select Equity Group L.P. increased its stake in Bio-Techne Corp by 129.8%, now owning approximately 5.37 million shares valued at around $314.6 million.
• Bio-Techne recently reported an EPS of $0.53, exceeding analysts' expectations of $0.50, along with a revenue increase of 3.6% compared to the previous year.
• The company announced a quarterly dividend of $0.08, leading to an annualized dividend yield of 0.6% with a payout ratio of approximately 69.57%.

Select Equity Group L.P. boosted its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 129.8% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,366,003 shares of the biotechnology company's stock after purchasing an additional 3,030,644 shares during the period. Bio-Techne makes up approximately 1.3% of Select Equity Group L.P.'s portfolio, making the stock its 27th biggest holding. Select Equity Group L.P. owned 3.39% of Bio-Techne worth $314,609,000 as of its most recent filing with the SEC.

Other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Bio-Techne by 17.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,630 shares of the biotechnology company's stock valued at $1,153,000 after acquiring an additional 2,980 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Bio-Techne during the 1st quarter valued at about $1,362,000. 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 valued at $6,170,000 after acquiring an additional 102,345 shares during the period. CX Institutional acquired a new stake in shares of Bio-Techne during the 1st quarter valued at about $27,000. Finally, State of Alaska Department of Revenue grew its position in shares of Bio-Techne by 2.2% during the 1st quarter. State of Alaska Department of Revenue now owns 18,524 shares of the biotechnology company's stock valued at $1,086,000 after acquiring an additional 405 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Performance

Shares of TECH stock opened at $54.41 on Friday. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The firm has a fifty day moving average price of $53.90 and a 200 day moving average price of $53.71. The company has a market cap of $8.53 billion, a P/E ratio of 118.29, a PEG ratio of 3.47 and a beta of 1.47. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued 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. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The company's revenue was up 3.6% compared to the same quarter last year. Sell-side analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, August 18th. Bio-Techne's dividend payout ratio is presently 69.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company assumed coverage on Bio-Techne in a research report on Friday, May 30th. They set an "overweight" rating and a $59.00 target price on the stock. Royal Bank Of Canada raised shares of Bio-Techne from a "hold" rating to a "moderate buy" rating in a research note on Wednesday. Wall Street Zen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Citigroup raised shares of Bio-Techne from a "neutral" rating to a "buy" rating and lifted their price target for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. Finally, Scotiabank reduced their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $70.42.

About Bio-Techne

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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