Bio-Techne Corp $TECH Stake Decreased by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions cut its Bio-Techne stake by 82.9% in the second quarter, selling 16,590 shares and retaining 3,412 shares valued at approximately $241,000. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly earnings of $0.52 per share, matching estimates, while revenue of $321.19 million exceeded expectations and rose 1.3% year over year.
• The stock traded near its 52-week high at $72.40, while analysts maintained a consensus “Hold” rating with an average price target of $68.92. The company also raised its quarterly dividend to $0.65 per share.

Envestnet Portfolio Solutions Inc. cut its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 82.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,412 shares of the biotechnology company's stock after selling 16,590 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Bio-Techne were worth $241,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Tema ETFs LLC grew its position in Bio-Techne by 5.4% during the second quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock valued at $199,000 after acquiring an additional 145 shares during the last quarter. Empirical Finance LLC lifted its position in Bio-Techne by 4.4% in the second quarter. Empirical Finance LLC now owns 4,478 shares of the biotechnology company's stock valued at $316,000 after purchasing an additional 189 shares during the last quarter. Bryn Mawr Trust Advisors LLC boosted its stake in shares of Bio-Techne by 5.1% during the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after purchasing an additional 194 shares during the period. New Mexico Educational Retirement Board grew its holdings in shares of Bio-Techne by 2.8% in the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company's stock worth $429,000 after purchasing an additional 200 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Bio-Techne by 0.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,445 shares of the biotechnology company's stock worth $1,905,000 after purchasing an additional 202 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.40 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.69. The firm has a market capitalization of $11.35 billion, a P/E ratio of 62.96, a price-to-earnings-growth ratio of 8.76 and a beta of 1.30. The company's 50-day moving average is $72.29 and its 200 day moving average is $62.34.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. During the same period in the prior year, the business posted $0.53 earnings per share. The company's revenue for the quarter was up 1.3% on a year-over-year basis. Research analysts forecast that Bio-Techne Corp will post 1.73 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. Bio-Techne's dividend payout ratio (DPR) is 27.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on TECH shares. Evercore lowered shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Royal Bank Of Canada lowered Bio-Techne from an "outperform" rating to a "sector perform" rating and upped their price target for the company from $62.00 to $73.00 in a research report on Thursday, July 9th. William Blair downgraded Bio-Techne from an "outperform" rating to a "market perform" rating in a report on Thursday, June 25th. Wells Fargo & Company cut Bio-Techne from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Finally, Robert W. Baird upped their target price on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Two analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $68.92.

About Bio-Techne

Bio-Techne Corporation is a life sciences company that develops and supplies research, diagnostic and bioprocessing products for the biotechnology and pharmaceutical industries, academic institutions, clinical laboratories and other healthcare organizations. Its portfolio supports research in areas such as cancer, immunology, neuroscience, cell biology and precision medicine.

The company provides proteins, antibodies, immunoassays, reagents, gene and cell therapy materials, and analytical instruments.

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