Bio-Techne Corp $TECH Shares Sold by Curi RMB Capital LLC

Key Points

• Curi RMB Capital LLC has reduced its stake in Bio-Techne Corp by 42%, selling 25,925 shares and leaving them with 35,790 shares valued at approximately $2.1 million.
• Bio-Techne reported earnings of $0.53 per share for the latest quarter, exceeding analyst expectations, with revenue rising by 3.6% year over year.
• The company declared a quarterly dividend of $0.08 per share, reflecting a dividend yield of 0.6% and a payout ratio of 69.57%.

Curi RMB Capital LLC trimmed its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 42.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,790 shares of the biotechnology company's stock after selling 25,925 shares during the period. Curi RMB Capital LLC's holdings in Bio-Techne were worth $2,098,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in TECH. CX Institutional purchased a new position in shares of Bio-Techne in the first quarter valued at about $27,000. AlphaQuest LLC bought a new stake in shares of Bio-Techne in the first quarter worth about $34,000. Federated Hermes Inc. bought a new stake in shares of Bio-Techne in the first quarter worth about $41,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Bio-Techne by 1,239.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock worth $54,000 after purchasing an additional 855 shares during the last quarter. Finally, Horizon Financial Services LLC bought a new stake in shares of Bio-Techne in the first quarter worth about $69,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Down 0.6%

Shares of TECH stock traded down $0.30 during mid-day trading on Monday, hitting $54.11. The stock had a trading volume of 2,427,701 shares, compared to its average volume of 1,824,681. Bio-Techne Corp has a 12-month low of $46.01 and a 12-month high of $80.95. The firm has a market capitalization of $8.48 billion, a P/E ratio of 117.63, a price-to-earnings-growth ratio of 3.47 and a beta of 1.47. The firm's 50-day moving average is $53.96 and its two-hundred day moving average is $53.55. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38.

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

Bio-Techne Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TECH shares. Scotiabank reduced their target price on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Friday, July 11th. Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a research note on Wednesday, September 3rd. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 price objective on the stock in a research note on Tuesday, July 22nd. TD Cowen assumed coverage on Bio-Techne in a research note on Wednesday, July 9th. They set a "buy" rating and a $65.00 price objective on the stock. Finally, Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $70.42.

About Bio-Techne

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.