Bio-Techne Corp (NASDAQ:TECH) Stock Position Increased by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 1,385.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 198,039 shares of the biotechnology company's stock after purchasing an additional 184,703 shares during the quarter. Bio-Techne makes up approximately 0.4% of Edgestream Partners L.P.'s investment portfolio, making the stock its 22nd biggest position. Edgestream Partners L.P. owned approximately 0.13% of Bio-Techne worth $11,611,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Stephens Investment Management Group LLC increased its position in Bio-Techne by 11.3% during the first quarter. Stephens Investment Management Group LLC now owns 817,801 shares of the biotechnology company's stock valued at $47,948,000 after acquiring an additional 83,126 shares during the last quarter. Fulton Breakefield Broenniman LLC purchased a new stake in shares of Bio-Techne during the first quarter valued at about $253,000. Mutual of America Capital Management LLC increased its position in shares of Bio-Techne by 29.8% during the first quarter. Mutual of America Capital Management LLC now owns 55,493 shares of the biotechnology company's stock worth $3,254,000 after purchasing an additional 12,740 shares in the last quarter. Ownership Capital B.V. raised its stake in Bio-Techne by 4.9% in the first quarter. Ownership Capital B.V. now owns 951,008 shares of the biotechnology company's stock valued at $55,758,000 after buying an additional 44,195 shares during the last quarter. Finally, Xponance Inc. lifted its stake in shares of Bio-Techne by 3.0% during the first quarter. Xponance Inc. now owns 21,540 shares of the biotechnology company's stock worth $1,263,000 after buying an additional 619 shares during the period. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Down 2.8%

NASDAQ TECH traded down $1.52 on Monday, reaching $52.62. The company had a trading volume of 1,592,160 shares, compared to its average volume of 1,999,067. The firm has a market capitalization of $8.25 billion, a PE ratio of 64.17, a P/E/G ratio of 2.57 and a beta of 1.39. The firm has a 50-day moving average of $50.22 and a 200-day moving average of $58.83. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $83.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.71 and a quick ratio of 2.58.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $316.18 million during the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. On average, equities research analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne announced that its Board of Directors has authorized a share repurchase program on Wednesday, May 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the biotechnology company to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend was Monday, May 19th. Bio-Techne's dividend payout ratio is currently 39.02%.

Analyst Ratings Changes

A number of research firms have recently commented on TECH. UBS Group cut their price objective on Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Scotiabank decreased their target price on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Friday. Wall Street Zen cut shares of Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Stifel Nicolaus cut their price target on Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Finally, Benchmark reiterated a "buy" rating and set 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 and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $70.00.

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.