Envestnet Asset Management Inc. Sells 66,478 Shares of Bio-Techne Corp (NASDAQ:TECH)

Envestnet Asset Management Inc. decreased its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 282,652 shares of the biotechnology company's stock after selling 66,478 shares during the quarter. Envestnet Asset Management Inc. owned 0.18% of Bio-Techne worth $16,572,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Proficio Capital Partners LLC lifted its position in shares of Bio-Techne by 13.6% during the 4th quarter. Proficio Capital Partners LLC now owns 3,367 shares of the biotechnology company's stock worth $243,000 after buying an additional 402 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Bio-Techne by 63.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,460 shares of the biotechnology company's stock worth $321,000 after purchasing an additional 1,735 shares during the last quarter. Natixis Advisors LLC increased its stake in shares of Bio-Techne by 7.4% during the 4th quarter. Natixis Advisors LLC now owns 169,681 shares of the biotechnology company's stock worth $12,222,000 after purchasing an additional 11,625 shares during the last quarter. Cibc World Markets Corp increased its stake in shares of Bio-Techne by 17.0% during the 4th quarter. Cibc World Markets Corp now owns 25,032 shares of the biotechnology company's stock worth $1,803,000 after purchasing an additional 3,631 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in shares of Bio-Techne by 17.8% during the 4th quarter. Royal London Asset Management Ltd. now owns 67,306 shares of the biotechnology company's stock worth $4,848,000 after purchasing an additional 10,170 shares during the last quarter. Institutional investors own 98.95% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada decreased their price target on shares of Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. KeyCorp reiterated a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Benchmark reiterated a "buy" rating and issued a $75.00 price objective on shares of Bio-Techne in a research note on Thursday, June 5th. UBS Group reduced their price objective on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, TD Cowen initiated coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price objective for the company. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $70.00.

Bio-Techne Trading Up 2.9%

Shares of TECH stock opened at $53.29 on Friday. Bio-Techne Corp has a 12-month low of $46.01 and a 12-month high of $83.62. The company has a current ratio of 3.71, a quick ratio of 2.58 and a debt-to-equity ratio of 0.16. The firm's 50 day moving average is $50.48 and its 200 day moving average is $58.46. The stock has a market capitalization of $8.35 billion, a P/E ratio of 64.99, a P/E/G ratio of 2.46 and a beta of 1.39.

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

Bio-Techne announced that its board has initiated a stock repurchase plan 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 plans are often an indication that the company's board of directors believes its shares are undervalued.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.60%. Bio-Techne's dividend payout ratio is presently 39.02%.

Bio-Techne 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.

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