BlackRock Inc. Buys Shares of 14,025,816 Bio-Techne Corp $TECH

Key Points

• BlackRock acquired 14.03 million Bio-Techne shares worth approximately $991 million, giving it an 8.96% stake. Institutional investors collectively own 98.95% of the company.
• Analyst sentiment remains cautious: Bio-Techne has an average “Hold” rating, with two Buy ratings, 14 Holds and one Sell, and a consensus price target of $68.92.
• Bio-Techne reported quarterly revenue of $321.19 million and adjusted earnings of $0.52 per share, while announcing a sharply increased quarterly dividend of $0.65 per share.

BlackRock Inc. purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 14,025,816 shares of the biotechnology company's stock, valued at approximately $990,924,000. BlackRock Inc. owned about 8.96% of Bio-Techne at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TECH. Danske Bank A S purchased a new position in shares of Bio-Techne in the fourth quarter valued at about $29,000. Measured Wealth Private Client Group LLC bought a new stake in Bio-Techne in the third quarter worth $32,000. iSAM Funds UK Ltd purchased a new position in shares of Bio-Techne during the 3rd quarter worth about $33,000. Avalon Trust Co purchased a new stake in shares of Bio-Techne in the second quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC purchased a new position in Bio-Techne during the 4th quarter valued at $39,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on TECH. William Blair downgraded shares of Bio-Techne from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 25th. Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price on the stock. in a research note on Friday, June 26th. Piper Sandler started coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a "neutral" rating and a $65.00 price target for the company. Benchmark reiterated a "hold" rating on shares of Bio-Techne in a report on Wednesday. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Bio-Techne in a research note on Tuesday, August 4th. Two equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Bio-Techne presently has an average rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.32 on Friday. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. The business's 50 day moving average price is $69.28 and its 200 day moving average price is $59.54. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The firm has a market cap of $11.32 billion, a P/E ratio of 62.89, a P/E/G ratio of 8.61 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting analysts' consensus estimates of $0.52. The firm had revenue of $321.19 million for the quarter, compared to analysts' expectations of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The company's quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm earned $0.53 EPS. On average, sell-side analysts expect that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 3.6%. The ex-dividend date is 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 presently 27.83%.

About Bio-Techne

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.

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