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Cerity Partners LLC Raises Holdings in Bio-Techne Corp (NASDAQ:TECH)

Bio-Techne logo with Medical background

Cerity Partners LLC increased its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 20.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 132,742 shares of the biotechnology company's stock after acquiring an additional 22,259 shares during the period. Cerity Partners LLC owned approximately 0.08% of Bio-Techne worth $7,783,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. CX Institutional purchased a new stake in shares of Bio-Techne during the first quarter worth $27,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Bio-Techne during the fourth quarter worth $41,000. GeoWealth Management LLC acquired a new stake in Bio-Techne during the fourth quarter worth about $43,000. Kiely Wealth Advisory Group Inc. lifted its position in shares of Bio-Techne by 1,355.6% during the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 976 shares in the last quarter. Finally, Huntington National Bank boosted its stake in Bio-Techne by 42.6% during the 4th quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock valued at $78,000 after acquiring an additional 322 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Analyst Ratings Changes

TECH has been the subject of several research analyst reports. TD Cowen initiated coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price for the company. Wells Fargo & Company started coverage on Bio-Techne in a research report on Friday, May 30th. They issued an "overweight" rating and a $59.00 price target for the company. Stifel Nicolaus lowered their price target on shares of Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a report on Thursday, May 8th. KeyCorp reissued a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Finally, UBS Group cut their price target on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $70.00.

Get Our Latest Research Report on Bio-Techne

Bio-Techne Stock Performance

Bio-Techne stock traded up $1.17 during midday trading on Thursday, reaching $52.96. 638,334 shares of the company traded hands, compared to its average volume of 1,978,197. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $83.62. The business has a 50 day moving average of $50.41 and a two-hundred day moving average of $58.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.71 and a quick ratio of 2.58. The firm has a market capitalization of $8.30 billion, a price-to-earnings ratio of 64.58, a price-to-earnings-growth ratio of 2.45 and a beta of 1.39.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. The company had revenue of $316.18 million for the quarter, compared to analysts' expectations of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. Bio-Techne's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period last year, the firm earned $0.48 EPS. As a group, research analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne declared that its board has initiated a share buyback plan on Wednesday, May 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.32 annualized dividend and a yield of 0.60%. Bio-Techne's dividend payout ratio (DPR) is currently 39.02%.

Bio-Techne Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

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