KLP Kapitalforvaltning AS Decreases Stake in Bio-Techne Corp $TECH

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Bio-Techne Corp by 38.5%, leaving it with 32,200 shares valued at approximately $1.66 million.
• Bio-Techne's stock has received upgrades from analysts, including a "moderate buy" rating from Royal Bank Of Canada and a "strong-buy" rating from Stephens, with a consensus target price of $70.17.
• During the last quarter, Bio-Techne reported a 3.6% year-over-year revenue increase to $316.96 million and earnings per share of $0.53, exceeding analysts' expectations.

KLP Kapitalforvaltning AS lowered its position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 38.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 32,200 shares of the biotechnology company's stock after selling 20,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Bio-Techne were worth $1,657,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of TECH. Smartleaf Asset Management LLC lifted its position in Bio-Techne by 5.1% during the 1st quarter. Smartleaf Asset Management LLC now owns 4,300 shares of the biotechnology company's stock worth $253,000 after acquiring an additional 210 shares in the last quarter. Amalgamated Bank raised its position in shares of Bio-Techne by 0.7% in 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bio-Techne by 0.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,005 shares of the biotechnology company's stock valued at $1,994,000 after purchasing an additional 249 shares in the last quarter. NorthRock Partners LLC raised its position 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 valued at $407,000 after purchasing an additional 277 shares in the last quarter. Finally, GC Wealth Management RIA LLC raised its position in shares of Bio-Techne by 2.5% in the 2nd quarter. GC Wealth Management RIA LLC now owns 11,533 shares of the biotechnology company's stock valued at $593,000 after purchasing an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research report on Tuesday, July 22nd. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Bio-Techne in a research report on Wednesday, October 8th. TD Cowen assumed coverage on Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price on the stock. Finally, Zacks Research raised Bio-Techne from a "strong sell" rating to a "hold" rating in a research report on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bio-Techne presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.17.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $58.66 on Monday. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $80.80. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $9.13 billion, a price-to-earnings ratio of 127.52, a price-to-earnings-growth ratio of 3.74 and a beta of 1.48. The business has a 50 day simple moving average of $54.47 and a 200-day simple moving average of $52.46.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share 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 business had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same period in the previous year, the business earned $0.49 EPS. The business's quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, August 18th. Bio-Techne's dividend payout ratio is presently 69.57%.

Bio-Techne 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.

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