Corient Private Wealth LP Increases Stake in Bio-Techne Corp $TECH

Key Points

• Corient Private Wealth LP increased its Bio-Techne stake by 373.8% in the second quarter, ending with 119,590 shares valued at approximately $8.45 million. Institutional investors collectively own 98.95% of the company.
• Analysts have mostly adopted a cautious stance, with 15 Hold ratings and two Buy ratings. Bio-Techne’s consensus rating is Hold, with an average price target of $68.92.
• Bio-Techne reported quarterly revenue of $321.19 million, exceeding estimates, while earnings per share matched expectations at $0.52. The company also raised its quarterly dividend to $0.65, implying a 3.6% annualized yield.

Corient Private Wealth LP increased its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 373.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,590 shares of the biotechnology company's stock after buying an additional 94,351 shares during the period. Corient Private Wealth LP owned 0.08% of Bio-Techne worth $8,449,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Avalon Trust Co bought a new position in shares of Bio-Techne during the second quarter valued at approximately $42,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Bio-Techne in the 1st quarter worth approximately $37,000. Allworth Financial LP bought a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $59,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Bio-Techne in the 4th quarter worth approximately $89,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $117,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TECH shares. Wells Fargo & Company downgraded 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 report on Thursday, August 13th. TD Cowen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and raised their price objective for the company from $65.00 to $73.00 in a research note on Monday, June 29th. Benchmark reaffirmed a "hold" rating on shares of Bio-Techne in a report on Wednesday, August 19th. Citigroup cut shares of Bio-Techne from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $70.00 to $73.00 in a report on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price on the stock. in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Price Performance

Shares of TECH opened at $72.41 on Friday. The firm has a fifty day simple moving average of $72.10 and a two-hundred day simple moving average of $61.01. The firm has a market cap of $11.36 billion, a PE ratio of 62.97, a P/E/G ratio of 8.61 and a beta of 1.28. 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 Corp has a 1-year low of $43.19 and a 1-year high of $72.62.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. During the same period last year, the business posted $0.53 EPS. The company's revenue for the quarter was up 1.3% on a year-over-year basis. On average, equities analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Monday, August 24th were given a $0.65 dividend. The ex-dividend date was Monday, August 24th. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne's payout ratio is 27.83%.

Bio-Techne Company 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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