Corient Private Wealth LP Takes $8.65 Million Position in Bio-Techne Corp $TECH

Key Points

• Corient Private Wealth LP acquired 122,377 Bio-Techne shares in the second quarter, establishing a position worth approximately $8.65 million and representing about 0.08% of the company.
• Analysts maintain a cautious outlook: Bio-Techne has a consensus “Hold” rating from MarketBeat, with a consensus price target of $68.92, below its reported share price of $72.35.
• Bio-Techne matched quarterly earnings expectations at $0.52 per share and exceeded revenue estimates with $321.19 million in sales. The company also raised its quarterly dividend to $0.65 per share, implying a 3.6% yield.

Corient Private Wealth LP acquired a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 122,377 shares of the biotechnology company's stock, valued at approximately $8,646,000. Corient Private Wealth LP owned about 0.08% of Bio-Techne as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Danske Bank A S acquired a new position in Bio-Techne during the fourth quarter worth $29,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Bio-Techne in the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd purchased a new position in Bio-Techne in the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC lifted its position in shares of Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Bio-Techne during the 1st quarter worth about $37,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on TECH. Stifel Nicolaus set a $50.00 price target on shares of Bio-Techne in a research note on Thursday, May 7th. Evercore cut shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. 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. TD Cowen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and raised their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Finally, Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Stock Performance

NASDAQ TECH opened at $72.35 on Monday. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The company has a market capitalization of $11.35 billion, a P/E ratio of 62.91, a PEG ratio of 8.62 and a beta of 1.28. The business has a 50 day moving average price of $70.86 and a 200 day moving average price of $59.71. 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 issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to the consensus estimate of $314.63 million. During the same period in the previous year, the firm posted $0.53 EPS. The company's quarterly revenue was up 1.3% compared to the same quarter last year. Sell-side analysts expect that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

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

About Bio-Techne

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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