Commerce Bank Acquires New Position in Bio-Techne Corp $TECH

Key Points

• Commerce Bank acquired 33,609 shares of Bio-Techne in the second quarter, valued at approximately $2.37 million. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.52, in line with estimates, while revenue of $321.19 million exceeded expectations and increased 1.3% year over year.
• The company raised its quarterly dividend to $0.65 per share, equivalent to a 3.6% annualized yield. Wall Street analysts maintain a consensus “Hold” rating with an average price target of $68.92.

Commerce Bank bought a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm bought 33,609 shares of the biotechnology company's stock, valued at approximately $2,374,000.

Several other large investors also recently bought and sold shares of TECH. Danske Bank A S acquired a new stake in shares of Bio-Techne during the fourth quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new stake in Bio-Techne during the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd acquired a new position in shares of Bio-Techne in the third quarter valued at about $33,000. Avalon Trust Co acquired a new position in shares of Bio-Techne in the second quarter valued at about $42,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Bio-Techne in the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Up 0.1%

Shares of TECH stock opened at $72.39 on Tuesday. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62. The stock has a market cap of $11.35 billion, a P/E ratio of 62.95, a P/E/G ratio of 8.61 and a beta of 1.28. The stock has a 50 day moving average of $69.61 and a 200 day moving average of $59.55. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business's quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. As a group, sell-side analysts expect that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne's payout ratio is currently 27.83%.

Wall Street Analyst Weigh In

TECH has been the topic of a number of recent research reports. Evercore lowered Bio-Techne from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Piper Sandler initiated coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price target for the company. Benchmark restated a "hold" rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a report on Thursday, June 25th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Bio-Techne in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $68.92.

Bio-Techne 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.

Want to see what other hedge funds are holding TECH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bio-Techne Corp (NASDAQ:TECH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source