Bio-Techne Corp (NASDAQ:TECH) Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its stake in Bio-Techne Corp by 9.7%, owning approximately 4,190,115 shares worth $245.67 million.
• Bio-Techne announced a quarterly dividend of $0.08 per share, with a payout date of August 29th and an annualized yield of 0.6%.
• Analysts have mixed sentiments with a consensus rating of "Moderate Buy" and varying target prices between $61.00 and $75.00.

Invesco Ltd. boosted its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,190,115 shares of the biotechnology company's stock after acquiring an additional 369,651 shares during the period. Invesco Ltd. owned 2.65% of Bio-Techne worth $245,666,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Townsquare Capital LLC grew its stake in Bio-Techne by 33.0% during the 1st quarter. Townsquare Capital LLC now owns 9,247 shares of the biotechnology company's stock valued at $542,000 after acquiring an additional 2,293 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in Bio-Techne during the 1st quarter valued at about $2,373,000. Forsta AP Fonden grew its stake in Bio-Techne by 2.0% during the 1st quarter. Forsta AP Fonden now owns 35,500 shares of the biotechnology company's stock valued at $2,081,000 after acquiring an additional 700 shares in the last quarter. National Bank of Canada FI grew its stake in Bio-Techne by 5.4% during the 1st quarter. National Bank of Canada FI now owns 78,279 shares of the biotechnology company's stock valued at $4,589,000 after acquiring an additional 3,979 shares in the last quarter. Finally, Citigroup Inc. grew its stake in Bio-Techne by 131.1% during the 1st quarter. Citigroup Inc. now owns 302,927 shares of the biotechnology company's stock valued at $17,761,000 after acquiring an additional 171,863 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Trading Down 1.8%

Shares of NASDAQ:TECH traded down $0.97 during mid-day trading on Thursday, reaching $53.74. 1,597,102 shares of the company were exchanged, compared to its average volume of 2,529,792. The firm has a market cap of $8.42 billion, a price-to-earnings ratio of 116.83, a P/E/G ratio of 3.40 and a beta of 1.40. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The firm's 50-day simple moving average is $52.62 and its 200 day simple moving average is $55.56.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The company's revenue was up 3.6% compared to the same quarter last year. Equities research analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne declared that its Board of Directors has initiated 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 purchase up to 6.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be paid a $0.08 dividend. The ex-dividend date is Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. Bio-Techne's payout ratio is currently 69.57%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TECH shares. Benchmark reaffirmed a "buy" rating and set a $75.00 price objective on shares of Bio-Techne in a research note on Thursday, June 5th. Wall Street Zen cut shares of Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. TD Cowen began coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target for the company. Royal Bank Of Canada dropped their price target on shares of Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Finally, Scotiabank dropped their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Friday, July 11th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Bio-Techne presently has an average rating of "Moderate Buy" and an average target price of $69.42.

About Bio-Techne

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.