Bio-Techne Corp (NASDAQ:TECH) Shares Bought by Broadcrest Asset Management LLC

Key Points

• Broadcrest Asset Management LLC significantly increased its holdings in Bio-Techne Corp by 50%, now owning 150,000 shares valued at approximately $8.79 million, representing 16.7% of its portfolio.
• Recent research reports have led to multiple analysts downgrading Bio-Techne's ratings and price targets, with the consensus rating now classified as a "Moderate Buy."
• Bio-Techne has authorized a $500 million stock buyback program, reflecting management's belief in the stock's undervaluation, alongside announcing a quarterly dividend of $0.08.

Broadcrest Asset Management LLC raised its position in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 50.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 150,000 shares of the biotechnology company's stock after purchasing an additional 50,000 shares during the quarter. Bio-Techne comprises approximately 16.7% of Broadcrest Asset Management LLC's investment portfolio, making the stock its 3rd biggest holding. Broadcrest Asset Management LLC owned 0.09% of Bio-Techne worth $8,794,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. CX Institutional bought a new position in shares of Bio-Techne in the first quarter valued at approximately $27,000. Itau Unibanco Holding S.A. acquired a new stake in Bio-Techne in the fourth quarter worth approximately $41,000. Federated Hermes Inc. acquired a new stake in Bio-Techne in the first quarter worth approximately $41,000. GeoWealth Management LLC bought a new position in Bio-Techne during the 4th quarter valued at $43,000. Finally, Horizon Financial Services LLC acquired a new position in shares of Bio-Techne during the 1st quarter valued at $69,000. Institutional investors own 98.95% of the company's stock.

Analyst Upgrades and Downgrades

TECH has been the subject of several research analyst reports. Benchmark restated a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a report on Thursday, June 5th. Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target on the stock in a research report on Tuesday, July 22nd. Stifel Nicolaus reduced their price objective 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 initiated coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective on the stock. Finally, UBS Group cut their target price on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $69.42.

Bio-Techne Trading Up 0.5%

Shares of TECH traded up $0.27 during midday trading on Friday, hitting $50.42. The stock had a trading volume of 1,898,099 shares, compared to its average volume of 2,430,930. The business has a 50-day simple moving average of $52.31 and a two-hundred day simple moving average of $56.23. The firm has a market cap of $7.90 billion, a P/E ratio of 109.61, a price-to-earnings-growth ratio of 2.40 and a beta of 1.40. The company has a current ratio of 3.46, a quick ratio of 2.58 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted 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. 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 analyst estimates of $315.14 million. During the same quarter last year, the business posted $0.49 EPS. The company's revenue was up 3.6% on a year-over-year basis. As a group, equities analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be issued a dividend of $0.08 per share. The ex-dividend date 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 39.02%.

Bio-Techne declared that its board has authorized a stock repurchase plan on Wednesday, May 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the biotechnology company to purchase up to 6.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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.