Kestra Advisory Services LLC Cuts Holdings in Bio-Techne Corp $TECH

Key Points

• Kestra Advisory Services LLC reduced its holdings in Bio-Techne Corp by 25.8%, selling 8,165 shares and currently holding 23,425 shares worth approximately $1,373,000.
• Bio-Techne recently reported earnings of $0.53 EPS, surpassing analysts' expectations, with revenue of $316.96 million for the quarter, reflecting a 3.6% year-over-year growth.
• The company has initiated a stock repurchase program allowing for the repurchase of up to $500 million in shares, indicating leadership's belief that the stock is currently undervalued.

Kestra Advisory Services LLC reduced its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 25.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,425 shares of the biotechnology company's stock after selling 8,165 shares during the quarter. Kestra Advisory Services LLC's holdings in Bio-Techne were worth $1,373,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Amalgamated Bank increased its position in shares of Bio-Techne by 0.7% during the 1st quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company's stock valued at $1,797,000 after purchasing an additional 222 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Bio-Techne by 0.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,005 shares of the biotechnology company's stock valued at $1,994,000 after acquiring an additional 249 shares during the period. Nissay Asset Management Corp Japan ADV raised its stake in shares of Bio-Techne by 1.4% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 19,078 shares of the biotechnology company's stock valued at $1,392,000 after acquiring an additional 263 shares during the period. NorthRock Partners LLC lifted its holdings in shares of Bio-Techne by 4.2% in the 1st quarter. NorthRock Partners LLC now owns 6,936 shares of the biotechnology company's stock worth $407,000 after acquiring an additional 277 shares during the last quarter. Finally, First Hawaiian Bank boosted its stake in shares of Bio-Techne by 6.1% during the 1st quarter. First Hawaiian Bank now owns 5,152 shares of the biotechnology company's stock worth $302,000 after purchasing an additional 298 shares during the period. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Performance

NASDAQ TECH traded up $0.94 during trading hours on Friday, reaching $53.86. The stock had a trading volume of 488,953 shares, compared to its average volume of 2,038,066. The stock has a fifty day moving average of $53.85 and a 200 day moving average of $53.87. The stock has a market cap of $8.44 billion, a P/E ratio of 117.09, a price-to-earnings-growth ratio of 3.40 and a beta of 1.47. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $80.95. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46.

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, beating analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The firm had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. Bio-Techne's revenue for the quarter was up 3.6% on a year-over-year basis. Sell-side analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

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

Analyst Upgrades and Downgrades

TECH has been the topic of a number of recent analyst reports. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price objective on the stock in a research report on Tuesday, July 22nd. Stifel Nicolaus decreased their target price on Bio-Techne from $75.00 to $60.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. UBS Group dropped their target price on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Wall Street Zen downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. Finally, Royal Bank Of Canada upgraded Bio-Techne from a "hold" rating to a "moderate buy" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $70.42.

Bio-Techne Company Profile

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.