Hsbc Holdings PLC Has $17.11 Million Stock Position in Bio-Techne Corp $TECH

Key Points

• HSBC increased its Bio-Techne position by 24.2% in the second quarter, adding 47,171 shares to own 242,208 shares worth approximately $17.11 million. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.52, in line with estimates, while revenue of $321.19 million exceeded expectations and rose 1.3% year over year.
• The stock opened at $72.31, near its 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $68.92. The company also raised its quarterly dividend to $0.65 per share.

Hsbc Holdings PLC increased its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 24.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 242,208 shares of the biotechnology company's stock after purchasing an additional 47,171 shares during the period. Hsbc Holdings PLC owned about 0.15% of Bio-Techne worth $17,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Bio-Techne by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company's stock worth $62,379,000 after acquiring an additional 113,634 shares during the period. Woodline Partners LP raised its position in Bio-Techne by 40.0% in the first quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock worth $783,000 after purchasing an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares in the last quarter. First Trust Advisors LP lifted its stake in Bio-Techne by 1,085.7% during the second quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company's stock worth $5,424,000 after purchasing an additional 96,527 shares during the period. Finally, Natixis boosted its holdings in Bio-Techne by 82.6% during the second quarter. Natixis now owns 24,991 shares of the biotechnology company's stock valued at $1,286,000 after purchasing an additional 11,306 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Down 0.2%

Shares of TECH opened at $72.31 on Wednesday. The company has a market capitalization of $11.34 billion, a P/E ratio of 62.88, a PEG ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.62. The business's 50 day simple moving average is $71.91 and its 200-day simple moving average is $60.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm 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%.The business's revenue for the quarter 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. As a group, sell-side analysts predict that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a $0.65 dividend. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 24th. Bio-Techne's dividend payout ratio (DPR) is presently 27.83%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TECH. Benchmark reissued a "hold" rating on shares of Bio-Techne in a report on Wednesday, August 19th. Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and boosted their price target for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Weiss Ratings upgraded Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft lowered Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective for the company. in a research note on Friday, June 26th. Finally, Stephens set a $73.00 price objective on Bio-Techne and gave the company an "equal weight" rating in a report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $68.92.

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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