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

Key Points

• California State Teachers Retirement System increased its Bio-Techne stake by 24.1% in the first quarter, reaching 184,164 shares valued at approximately $9.6 million. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly revenue of $311.4 million and earnings of $0.53 per share, both slightly below analyst expectations; revenue declined 1.5% year over year.
• The company maintains a quarterly dividend of $0.08 per share, while analysts hold a consensus “Hold” rating with an average price target of $68.08.

California State Teachers Retirement System lifted its position in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 24.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 184,164 shares of the biotechnology company's stock after purchasing an additional 35,772 shares during the quarter. California State Teachers Retirement System owned 0.12% of Bio-Techne worth $9,624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Asset Management One Co. Ltd. lifted its stake in shares of Bio-Techne by 2.7% in the 4th quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company's stock valued at $341,000 after acquiring an additional 153 shares during the last quarter. Accredited Investors Inc. grew its holdings in shares of Bio-Techne by 2.7% in the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock worth $356,000 after purchasing an additional 161 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Bio-Techne by 3.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after buying an additional 181 shares during the last quarter. Bryn Mawr Trust Advisors LLC boosted its position in Bio-Techne by 5.1% during the 1st quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after buying an additional 194 shares during the period. Finally, New Mexico Educational Retirement Board increased its position 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 valued at $429,000 after acquiring an additional 200 shares during the period. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.14 on Tuesday. The company has a 50 day simple moving average of $63.52 and a two-hundred day simple moving average of $59.06. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.36. The company has a market capitalization of $11.29 billion, a price-to-earnings ratio of 104.55, a P/E/G ratio of 8.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The company had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. During the same period last year, the business earned $0.56 EPS. The firm's quarterly revenue was down 1.5% on a year-over-year basis. Analysts expect that Bio-Techne Corp will post 1.65 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a dividend of $0.08 per share. The ex-dividend date was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Bio-Techne's dividend payout ratio is presently 46.38%.

Wall Street Analysts Forecast Growth

TECH has been the topic of several recent analyst reports. Stifel Nicolaus set a $50.00 target price on Bio-Techne in a research note on Thursday, May 7th. Piper Sandler assumed coverage on Bio-Techne in a research note on Thursday, June 11th. They set a "neutral" rating and a $65.00 target price on the stock. Wells Fargo & Company decreased their target price on Bio-Techne from $76.00 to $62.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective on the stock. in a research report on Friday, June 26th. Finally, Stephens set a $73.00 target price on shares of Bio-Techne and gave the stock an "equal weight" rating in a research report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $68.08.

Bio-Techne Company Profile

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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