American Century Companies Inc. Sells 5,523 Shares of Bio-Techne Corp $TECH

Key Points

• American Century Companies Inc. has reduced its stake in Bio-Techne Corp by 0.8%, now holding approximately 0.43% of the company valued at $39.66 million.
• Several institutional investors have increased their holdings in Bio-Techne, with Aberdeen Group plc raising its stake by 106.7% in the first quarter.
• Bio-Techne recently announced a quarterly dividend of $0.08 per share, representing a 0.6% dividend yield, and initiated a $500 million stock buyback plan.

American Century Companies Inc. decreased its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 676,458 shares of the biotechnology company's stock after selling 5,523 shares during the quarter. American Century Companies Inc. owned about 0.43% of Bio-Techne worth $39,661,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. CX Institutional acquired a new stake in shares of Bio-Techne during the 1st quarter worth approximately $27,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Bio-Techne during the 4th quarter worth approximately $41,000. Federated Hermes Inc. acquired a new stake in shares of Bio-Techne during the 1st quarter worth approximately $41,000. GeoWealth Management LLC acquired a new stake in shares of Bio-Techne during the 4th quarter worth approximately $43,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings 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 period. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Up 5.7%

Shares of TECH stock traded up $3.09 during trading on Friday, reaching $57.09. The company's stock had a trading volume of 1,442,419 shares, compared to its average volume of 2,281,608. The business has a fifty day moving average price of $53.10 and a 200-day moving average price of $54.65. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The company has a market cap of $8.95 billion, a price-to-earnings ratio of 124.11, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40. Bio-Techne Corp has a one year low of $46.01 and a one year high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $315.14 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm's revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne announced that its board has initiated a stock 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 repurchase up to 6.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be given 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 is Monday, August 18th. Bio-Techne's payout ratio is currently 69.57%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TECH shares. Scotiabank decreased their price objective on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a report on Friday, July 11th. Wall Street Zen cut shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. 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 report on Thursday, August 7th. TD Cowen started coverage on shares of Bio-Techne in a report on Wednesday, July 9th. They set a "buy" rating and a $65.00 price objective for the company. Finally, Stifel Nicolaus decreased their price objective on shares of Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.