Kintayl Capital LP Buys Shares of 22,689 Bio-Techne Corp $TECH

Key Points

• Kintayl Capital purchased 22,689 Bio-Techne shares in the second quarter, valued at approximately $1.6 million. Institutional investors collectively own 98.95% of the company’s stock.
• 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 company raised its quarterly dividend to $0.65 from $0.08, implying an annualized dividend of $2.60 and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $68.92.

Kintayl Capital LP purchased a new stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 22,689 shares of the biotechnology company's stock, valued at approximately $1,603,000.

Several other institutional investors and hedge funds have also made changes to their positions in TECH. BlackRock Inc. purchased a new position in Bio-Techne during the 2nd quarter valued at about $990,924,000. Morgan Stanley lifted its holdings in shares of Bio-Techne by 15.3% in the fourth 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 in the last quarter. State Street Corp lifted its holdings in shares of Bio-Techne by 1.0% in the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company's stock valued at $341,806,000 after purchasing an additional 58,639 shares in the last quarter. Wellington Management Group LLP grew its position 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 purchasing an additional 618,916 shares during the last quarter. Finally, Maverick Capital Ltd. grew its position in shares of Bio-Techne by 23.1% in the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company's stock valued at $247,698,000 after purchasing an additional 888,798 shares during the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Down 0.1%

Shares of NASDAQ TECH opened at $72.33 on Wednesday. The stock has a market capitalization of $11.34 billion, a PE ratio of 62.90, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The firm has a fifty day moving average of $69.93 and a 200-day moving average of $59.58. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.62.

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

Bio-Techne Increases Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on TECH. Robert W. Baird lifted their price objective on Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Benchmark reiterated a "hold" rating on shares of Bio-Techne in a report on Wednesday, August 19th. Stephens set a $73.00 price target on Bio-Techne and gave the stock an "equal weight" rating in a research report on Friday, June 26th. Evercore cut Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Finally, William Blair downgraded Bio-Techne from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average 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, 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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