Intrinsic Edge Capital Management LLC Buys Shares of 110,000 Bio-Techne Corp $TECH

Key Points

• Intrinsic Edge Capital Management purchased 110,000 Bio-Techne shares worth approximately $5.75 million, representing about 0.07% of the company.
• Institutional investors own 98.95% of Bio-Techne, with Morgan Stanley, State Street, Wellington Management, Maverick Capital and T. Rowe Price among major holders that recently increased positions.
• Analysts have a consensus “Hold” rating and an average price target of $68.08. Bio-Techne recently missed quarterly earnings and revenue estimates, while its stock opened at $72.03, near its one-year high.

Intrinsic Edge Capital Management LLC purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 110,000 shares of the biotechnology company's stock, valued at approximately $5,749,000. Intrinsic Edge Capital Management LLC owned about 0.07% of Bio-Techne as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Morgan Stanley boosted its holdings in Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company's stock valued at $490,794,000 after purchasing an additional 1,107,536 shares during the period. State Street Corp raised its position in shares of Bio-Techne by 1.0% during the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company's stock valued at $341,806,000 after buying an additional 58,639 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Bio-Techne by 12.1% in the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company's stock valued at $337,219,000 after buying an additional 618,916 shares during the period. Maverick Capital Ltd. grew its position in Bio-Techne by 23.1% during the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company's stock worth $247,698,000 after buying an additional 888,798 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Bio-Techne by 21.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,075,194 shares of the biotechnology company's stock worth $239,663,000 after buying an additional 725,050 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

TECH has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Bio-Techne from $76.00 to $62.00 and set an "overweight" rating on the stock in a report on Thursday, May 7th. Evercore lowered Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an "equal weight" rating in a report on Friday, June 26th. Robert W. Baird increased their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Finally, Piper Sandler assumed coverage on shares of Bio-Techne in a report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price objective for the company. Three analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Bio-Techne currently has an average rating of "Hold" and a consensus target price of $68.08.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.03 on Thursday. The business has a 50 day simple moving average of $62.07 and a 200 day simple moving average of $58.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. The company has a market capitalization of $11.28 billion, a PE ratio of 104.39, a price-to-earnings-growth ratio of 8.58 and a beta of 1.29. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.37.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The company had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. During the same quarter last year, the company earned $0.56 earnings per share. The business's revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts forecast that Bio-Techne Corp will post 1.65 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Bio-Techne's dividend payout ratio is presently 46.38%.

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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