Man Group plc Takes Position in Bio-Techne Corp $TECH

Key Points

• Man Group plc acquired 360,000 Bio-Techne shares in the second quarter, valued at approximately $25.4 million and representing about 0.23% of the company. Institutional investors collectively owned 98.95% of Bio-Techne.
• Analyst sentiment is largely neutral: 14 analysts rate the stock Hold, compared with two Buy ratings and one Sell rating, with a consensus price target of $68.92. Bio-Techne shares opened at $72.38, near their 12-month high of $72.62.
• Bio-Techne met quarterly EPS expectations at $0.52 and exceeded revenue estimates with $321.19 million, while revenue rose 1.3% year over year. The company also announced a quarterly dividend increase to $0.65 per share, implying a 3.6% yield.

Man Group plc acquired a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 360,000 shares of the biotechnology company's stock, valued at approximately $25,434,000. Man Group plc owned about 0.23% of Bio-Techne at the end of the most recent quarter.

Several other large investors have also modified their holdings of TECH. Tema ETFs LLC lifted its position in Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock worth $199,000 after acquiring an additional 145 shares during the last quarter. Accredited Investors Inc. grew its position in shares of Bio-Techne by 2.7% in the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock valued at $356,000 after purchasing an additional 161 shares during the last quarter. Oppenheimer & Co. Inc. grew its position in shares of Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after purchasing an additional 181 shares during the last quarter. Bryn Mawr Trust Advisors LLC increased its stake in shares of Bio-Techne by 5.1% in the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock worth $208,000 after purchasing an additional 194 shares during the period. Finally, New Mexico Educational Retirement Board increased its stake in shares of Bio-Techne by 2.8% in the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company's stock worth $429,000 after purchasing an additional 200 shares during the period. 98.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TECH has been the subject of several recent analyst reports. TD Cowen downgraded Bio-Techne from a "buy" rating to a "hold" rating and increased their target price for the company from $65.00 to $73.00 in a research note on Monday, June 29th. Citigroup downgraded Bio-Techne from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Evercore lowered Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective for the company. in a research report on Friday, June 26th. Finally, Stephens set a $73.00 price objective on shares of Bio-Techne and gave the stock an "equal weight" rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $68.92.

Bio-Techne Stock Up 0.1%

NASDAQ TECH opened at $72.38 on Thursday. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62. The stock has a market cap of $11.35 billion, a PE ratio of 62.94, a PEG ratio of 8.62 and a beta of 1.28. The firm has a 50-day simple moving average of $70.28 and a 200 day simple moving average of $59.63. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.

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

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be issued a $0.65 dividend. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne's payout ratio is presently 27.83%.

Bio-Techne Company 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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