Massachusetts Financial Services Co. MA raised its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 18.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,025,409 shares of the biotechnology company's stock after acquiring an additional 472,847 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.91% of Bio-Techne worth $177,380,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Bio-Techne during the 4th quarter worth $137,301,000. Price T Rowe Associates Inc. MD lifted its stake in Bio-Techne by 13.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,654,267 shares of the biotechnology company's stock worth $767,428,000 after acquiring an additional 1,229,954 shares during the period. Brown Advisory Inc. grew its holdings in Bio-Techne by 45.7% during the 1st quarter. Brown Advisory Inc. now owns 1,912,377 shares of the biotechnology company's stock worth $112,123,000 after acquiring an additional 599,982 shares in the last quarter. Select Equity Group L.P. increased its position in Bio-Techne by 26.9% during the 4th quarter. Select Equity Group L.P. now owns 2,335,359 shares of the biotechnology company's stock valued at $168,216,000 after purchasing an additional 495,404 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in shares of Bio-Techne in the 4th quarter valued at about $30,047,000. Hedge funds and other institutional investors own 98.95% of the company's stock.
Bio-Techne Stock Performance
Shares of NASDAQ TECH traded down $1.27 during midday trading on Friday, reaching $52.02. The company had a trading volume of 1,805,655 shares, compared to its average volume of 1,483,077. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $83.62. The business's 50-day simple moving average is $50.52 and its 200 day simple moving average is $58.32. The company has a current ratio of 3.71, a quick ratio of 2.58 and a debt-to-equity ratio of 0.16. The stock has a market cap of $8.16 billion, a P/E ratio of 63.44, a P/E/G ratio of 2.53 and a beta of 1.39.
Bio-Techne (NASDAQ:TECH - Get Free Report) last released its earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.05. The firm had revenue of $316.18 million for the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The firm's revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.48 EPS. On average, analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.
Bio-Techne Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Monday, May 19th were given a $0.08 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.32 dividend on an annualized basis and a yield of 0.62%. Bio-Techne's dividend payout ratio is currently 39.02%.
Bio-Techne announced that its Board of Directors has approved a share repurchase program on Wednesday, May 7th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
TECH has been the topic of several research reports. UBS Group cut their price objective 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. KeyCorp reissued a "sector weight" rating on shares of Bio-Techne in a research report on Wednesday, April 9th. TD Cowen started coverage on Bio-Techne in a research report on Wednesday, July 9th. They set a "buy" rating and a $65.00 price objective on the stock. Wells Fargo & Company began coverage on Bio-Techne in a research note on Friday, May 30th. They issued an "overweight" rating and a $59.00 target price on the stock. Finally, Benchmark reissued a "buy" rating and set a $75.00 price target on shares of Bio-Techne in a research report on Thursday, June 5th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $70.00.
Get Our Latest Research Report on TECH
About Bio-Techne
(
Free Report)
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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