Harvest Management LLC Makes New Investment in Bio-Techne Corp $TECH

Key Points

• Harvest Management LLC acquired 170,000 Bio-Techne shares worth approximately $12 million, making the stock its eighth-largest holding and representing 4.7% of its portfolio.
• Analysts have largely adopted a cautious stance, with a consensus “Hold” rating and an average price target of $68.92, below the reported share price of $72.35.
• Bio-Techne met quarterly earnings expectations at $0.52 per share and exceeded revenue estimates, while increasing its quarterly dividend to $0.65 per share, or $2.60 annually.

Harvest Management LLC bought a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 170,000 shares of the biotechnology company's stock, valued at approximately $12,010,000. Bio-Techne accounts for approximately 4.7% of Harvest Management LLC's investment portfolio, making the stock its 8th largest holding. Harvest Management LLC owned 0.11% of Bio-Techne as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of TECH. Danske Bank A S bought a new stake in shares of Bio-Techne during the fourth quarter worth approximately $29,000. Measured Wealth Private Client Group LLC bought a new position in Bio-Techne in the third quarter valued at approximately $32,000. iSAM Funds UK Ltd acquired a new stake in Bio-Techne during the 3rd quarter worth $33,000. EverSource Wealth Advisors LLC grew its holdings in Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after acquiring an additional 562 shares during the period. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Bio-Techne during the 1st quarter valued at $37,000. Institutional investors own 98.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Leerink Partners set a $73.00 price objective on Bio-Techne in a research note on Thursday, June 25th. Royal Bank Of Canada cut Bio-Techne from an "outperform" rating to a "sector perform" rating and raised their target price for the stock from $62.00 to $73.00 in a report on Thursday, July 9th. Citigroup lowered Bio-Techne from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price target for the company. in a research note on Friday, June 26th. Finally, Zacks Research upgraded shares of Bio-Techne from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Two research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $68.92.

Bio-Techne Price Performance

Shares of TECH opened at $72.35 on Friday. The stock has a 50 day simple moving average of $70.86 and a 200 day simple moving average of $59.75. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.62. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. The firm has a market capitalization of $11.35 billion, a PE ratio of 62.91, a P/E/G ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The firm had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. During the same period last year, the company posted $0.53 EPS. The business's quarterly revenue was up 1.3% on a year-over-year basis. Sell-side analysts predict that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be given a dividend of $0.65 per share. This is an increase from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne's payout ratio is currently 27.83%.

About Bio-Techne

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.

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