GAMMA Investing LLC increased its stake in Bio-Techne Co. (NASDAQ:TECH - Free Report) by 3,534.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 105,241 shares of the biotechnology company's stock after purchasing an additional 102,345 shares during the quarter. GAMMA Investing LLC owned about 0.07% of Bio-Techne worth $6,170,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new stake in Bio-Techne during the fourth quarter valued at $41,000. GeoWealth Management LLC bought a new stake in Bio-Techne during the fourth quarter worth about $43,000. Huntington National Bank lifted its stake in Bio-Techne by 42.6% during the fourth quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 322 shares during the last quarter. Kiely Wealth Advisory Group Inc. lifted its stake in Bio-Techne by 1,355.6% during the fourth quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 976 shares during the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Bio-Techne by 45.3% during the fourth quarter. Venturi Wealth Management LLC now owns 1,376 shares of the biotechnology company's stock worth $99,000 after purchasing an additional 429 shares during the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.
Bio-Techne Trading Down 2.0%
NASDAQ:TECH traded down $1.01 during mid-day trading on Friday, reaching $50.52. 1,915,512 shares of the company's stock traded hands, compared to its average volume of 1,409,915. Bio-Techne Co. has a 12-month low of $46.01 and a 12-month high of $83.62. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 51.03, a PEG ratio of 2.88 and a beta of 1.38. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.94 and a quick ratio of 2.77. The company has a 50 day moving average price of $49.63 and a 200-day moving average price of $62.22.
Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. The company had revenue of $316.18 million for the quarter, compared to the consensus estimate of $317.92 million. During the same quarter in the previous year, the business earned $0.48 EPS. Bio-Techne's revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts predict that Bio-Techne Co. will post 1.67 earnings per share for the current year.
Bio-Techne declared that its board has authorized a share repurchase program on Wednesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.
Bio-Techne Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were issued a dividend of $0.08 per share. The ex-dividend date was Monday, May 19th. This represents a $0.32 dividend on an annualized basis and a yield of 0.63%. Bio-Techne's dividend payout ratio is presently 39.02%.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. UBS Group dropped 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. Wells Fargo & Company assumed coverage on Bio-Techne in a research note on Friday, May 30th. They set an "overweight" rating and a $59.00 price target for the company. Robert W. Baird lowered Bio-Techne from an "outperform" rating to a "neutral" rating and dropped their price target for the stock from $88.00 to $68.00 in a research note on Wednesday, February 19th. Finally, Evercore ISI assumed coverage on Bio-Techne in a report on Tuesday, March 18th. They issued an "outperform" rating and a $75.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $72.00.
Get Our Latest Stock Analysis on Bio-Techne
About Bio-Techne
(
Free Report)
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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