Fred Alger Management LLC Lowers Stake in Bio-Techne Corp $TECH

Key Points

• Fred Alger Management LLC decreased its stake in Bio-Techne Corp by 12.1%, selling 69,044 shares and retaining 503,108 shares valued at approximately $29.5 million.
• Bio-Techne recently declared a quarterly dividend of $0.08, yielding 0.6%, with a payout ratio of 69.57%.
• Analysts have varying opinions on Bio-Techne, with a consensus rating of Moderate Buy and an average target price of $70.42.

Fred Alger Management LLC trimmed its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 12.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 503,108 shares of the biotechnology company's stock after selling 69,044 shares during the quarter. Fred Alger Management LLC owned about 0.32% of Bio-Techne worth $29,497,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TECH. CX Institutional acquired a new stake in shares of Bio-Techne in the 1st quarter valued at approximately $27,000. AlphaQuest LLC acquired a new position in shares of Bio-Techne in the first quarter worth $34,000. Federated Hermes Inc. acquired a new position in shares of Bio-Techne in the first quarter worth $41,000. Caitong International Asset Management Co. Ltd raised 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 acquiring an additional 855 shares during the last quarter. Finally, Horizon Financial Services LLC acquired a new position in shares of Bio-Techne in the first quarter worth $69,000. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Trading Down 3.7%

Shares of NASDAQ:TECH traded down $1.95 during midday trading on Friday, reaching $51.26. The company's stock had a trading volume of 1,982,065 shares, compared to its average volume of 1,941,941. The firm has a market cap of $8.04 billion, a price-to-earnings ratio of 111.44, a price-to-earnings-growth ratio of 3.39 and a beta of 1.47. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.95. The business has a 50 day moving average price of $53.92 and a 200 day moving average price of $53.29.

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

Bio-Techne Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 price target for the company in a report on Tuesday, July 22nd. Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a report on Wednesday, September 3rd. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $55.00 to $70.00 in a report on Thursday, August 21st. TD Cowen assumed coverage on Bio-Techne in a report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on Bio-Techne in a report on Friday, May 30th. They issued an "overweight" rating and a $59.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.