Cresset Asset Management LLC Has $35.42 Million Holdings in Bio-Techne Corp $TECH

Key Points

• Cresset Asset Management LLC significantly increased its stake in Bio-Techne Corp by 218%, acquiring an additional 414,186 shares in the first quarter, bringing its total holdings to 604,142 shares valued at approximately $35.4 million.
• Bio-Techne reported quarterly earnings of $0.53 per share, surpassing analyst estimates and showing a 3.6% increase in revenue compared to the previous year.
• The company announced a share repurchase program allowing it to buy back up to $500 million in shares, indicating a belief that its stock is undervalued.

Cresset Asset Management LLC grew its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 218.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 604,142 shares of the biotechnology company's stock after purchasing an additional 414,186 shares during the period. Cresset Asset Management LLC owned about 0.38% of Bio-Techne worth $35,421,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in TECH. Farringdon Capital Ltd. acquired a new position in shares of Bio-Techne in the 4th quarter valued at about $299,000. Canada Pension Plan Investment Board grew its stake in shares of Bio-Techne by 104.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 4,300 shares of the biotechnology company's stock valued at $310,000 after buying an additional 2,200 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Bio-Techne by 1.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 72,241 shares of the biotechnology company's stock valued at $5,201,000 after buying an additional 979 shares in the last quarter. GeoWealth Management LLC bought a new stake in shares of Bio-Techne in the 4th quarter valued at approximately $43,000. Finally, Forum Financial Management LP bought a new stake in shares of Bio-Techne in the 4th quarter valued at approximately $224,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TECH shares. UBS Group lowered their price target on Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 9th. TD Cowen started coverage on Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target for the company. Scotiabank lowered their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Friday, July 11th. Royal Bank Of Canada lowered their price target on Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Finally, Benchmark reissued a "buy" rating and issued a $75.00 price target on shares of Bio-Techne in a research note on Thursday, June 5th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Bio-Techne has a consensus rating of "Moderate Buy" and a consensus price target of $69.42.

Bio-Techne Stock Performance

Bio-Techne stock traded down $0.31 during trading hours on Monday, reaching $53.29. 1,325,582 shares of the company were exchanged, compared to its average volume of 2,520,877. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 115.85, a PEG ratio of 3.42 and a beta of 1.40. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The stock has a 50-day moving average of $52.79 and a 200 day moving average of $55.03. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%. The firm had revenue of $316.96 million during the quarter, compared to analysts' expectations of $315.14 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. The company's revenue was up 3.6% on a year-over-year basis. As a group, research analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne declared that its Board of Directors has approved a share repurchase program on Wednesday, May 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the biotechnology company to repurchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Bio-Techne Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. Bio-Techne's payout ratio is 69.57%.

Bio-Techne Company Profile

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.