HB Wealth Management LLC Sells 24,595 Shares of Bio-Techne Corp $TECH

Key Points

• HB Wealth Management cut its Bio-Techne position by 72% in the second quarter, selling 24,595 shares and retaining 9,545 shares valued at approximately $674,000.
• Bio-Techne reported quarterly earnings of $0.52 per share, matching estimates, while revenue of $321.19 million exceeded expectations and rose 1.3% year over year.
• The stock traded near its 12-month high at $72.12, but analysts maintained a predominantly neutral view: 15 Hold ratings and two Buy ratings produced a consensus rating of Hold and a $68.92 price target.

HB Wealth Management LLC lowered its position in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 72.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,545 shares of the biotechnology company's stock after selling 24,595 shares during the quarter. HB Wealth Management LLC's holdings in Bio-Techne were worth $674,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne during the third quarter worth about $32,000. iSAM Funds UK Ltd purchased a new stake in shares of Bio-Techne in the 3rd quarter valued at about $33,000. Avalon Trust Co purchased a new stake in shares of Bio-Techne in the 2nd quarter valued at about $42,000. Los Angeles Capital Management LLC bought a new stake in shares of Bio-Techne during the 4th quarter valued at about $39,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock valued at $35,000 after acquiring an additional 562 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Price Performance

TECH opened at $72.12 on Monday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $11.31 billion, a P/E ratio of 62.71, a PEG ratio of 8.58 and a beta of 1.28. The stock has a 50-day moving average price of $71.98 and a 200-day moving average price of $60.61. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.62.

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

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Monday, August 24th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, August 24th. Bio-Techne's payout ratio is 27.83%.

Analyst Ratings Changes

TECH has been the topic of several research analyst reports. Citigroup cut shares of Bio-Techne from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Robert W. Baird lifted their target price on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Leerink Partners set a $73.00 price target on shares of Bio-Techne in a research note on Thursday, June 25th. Stephens set a $73.00 price target on shares of Bio-Techne and gave the stock an "equal weight" rating in a report on Friday, June 26th. Finally, Weiss Ratings raised shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Two investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Profile

Bio-Techne Corporation NASDAQ: TECH is a global life sciences company that develops and supplies research, diagnostic and bioprocessing products. Its portfolio includes proteins, antibodies, immunoassays, molecular biology reagents, cell and gene therapy tools, and instruments used by academic, pharmaceutical, biotechnology and diagnostic laboratories.

The company operates through brands including R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics. Its products support applications such as protein analysis, spatial biology, single-cell research, biomarker discovery, drug development and the manufacture of cell and gene therapies.

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