California State Teachers Retirement System Reduces Stock Holdings in Bio-Techne Corp $TECH

Key Points

• California State Teachers Retirement System reduced its Bio-Techne stake by 2.3% in the second quarter, selling 4,287 shares and retaining 179,877 shares valued at approximately $12.7 million. Institutional investors collectively own 98.95% of the company.
• Analysts remain cautious, with 15 Hold ratings and two Buy ratings producing a consensus “Hold” rating and an average price target of $68.92, below the stock’s reported price of $72.25.
• Bio-Techne met quarterly earnings expectations at $0.52 per share and exceeded revenue estimates with $321.19 million, while revenue increased 1.3% year over year. The company also raised its quarterly dividend to $0.65, implying a 3.6% annual yield.

California State Teachers Retirement System lessened its position in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 179,877 shares of the biotechnology company's stock after selling 4,287 shares during the quarter. California State Teachers Retirement System owned approximately 0.11% of Bio-Techne worth $12,708,310 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Blalock Williams LLC raised its holdings in Bio-Techne by 11.3% in the second quarter. Blalock Williams LLC now owns 7,516 shares of the biotechnology company's stock valued at $531,000 after acquiring an additional 764 shares in the last quarter. NEOS Investment Management LLC grew its position in shares of Bio-Techne by 14.5% during the 2nd quarter. NEOS Investment Management LLC now owns 25,373 shares of the biotechnology company's stock worth $1,793,000 after buying an additional 3,212 shares during the period. Nykredit A S acquired a new position in Bio-Techne during the 2nd quarter worth approximately $269,000. Moore Capital Management LP bought a new stake in shares of Bio-Techne during the second quarter worth approximately $8,875,000. Finally, Benjamin Edwards Inc. bought a new position in shares of Bio-Techne in the second quarter worth about $215,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Benchmark reaffirmed a "hold" rating on shares of Bio-Techne in a report on Wednesday, August 19th. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an "equal weight" rating in a research note on Friday, June 26th. William Blair lowered shares of Bio-Techne from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 25th. Wells Fargo & Company cut Bio-Techne from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Finally, Piper Sandler began coverage on Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 target price on the stock. Two research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bio-Techne currently has a consensus rating of "Hold" and an average target price of $68.92.

Bio-Techne Price Performance

TECH stock traded down $0.01 during midday trading on Tuesday, reaching $72.25. The company had a trading volume of 1,344,294 shares, compared to its average volume of 3,334,115. The company has a market capitalization of $11.33 billion, a price-to-earnings ratio of 62.82, a price-to-earnings-growth ratio of 8.58 and a beta of 1.28. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The stock has a 50 day moving average price of $72.01 and a 200-day moving average price of $60.71. 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 (NASDAQ:TECH - Get Free Report) last posted its 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 net margin of 14.97% and a return on equity of 13.23%. The firm had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same quarter last year, the company earned $0.53 earnings per share. The company's revenue was up 1.3% on a year-over-year basis. Equities research 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 disclosed a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a $0.65 dividend. This represents a $2.60 annualized dividend 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 payout ratio is presently 27.83%.

Bio-Techne Profile

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.

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