Maven Securities LTD Purchases Shares of 54,711 Bio-Techne Corp $TECH

Key Points

• Maven Securities initiated a position in Bio-Techne by purchasing 54,711 shares worth approximately $3.865 million. Institutional investors and hedge funds collectively own 98.95% of the company.
• Analyst sentiment remains cautious: two analysts rate Bio-Techne a Buy while 15 rate it a Hold, resulting in a consensus Hold rating and an average price target of $68.92.
• Bio-Techne reported quarterly revenue of $321.19 million and EPS of $0.52, matching earnings expectations while exceeding revenue estimates. The company also raised its quarterly dividend to $0.65, implying a 3.6% annual yield.

Maven Securities LTD acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 54,711 shares of the biotechnology company's stock, valued at approximately $3,865,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Bio-Techne during the 2nd quarter worth about $990,924,000. California State Teachers Retirement System grew its stake in Bio-Techne by 6,800.5% in the 2nd quarter. California State Teachers Retirement System now owns 12,708,310 shares of the biotechnology company's stock valued at $897,842,000 after buying an additional 12,524,146 shares during the last quarter. Morgan Stanley grew its stake in Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company's stock valued at $490,794,000 after buying an additional 1,107,536 shares during the last quarter. State Street Corp raised its holdings in Bio-Techne by 1.0% in the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company's stock valued at $341,806,000 after acquiring an additional 58,639 shares during the period. Finally, Wellington Management Group LLP raised its holdings in Bio-Techne by 12.1% in the 4th quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company's stock valued at $337,219,000 after acquiring an additional 618,916 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TECH. William Blair cut Bio-Techne from an "outperform" rating to a "market perform" rating in a report on Thursday, June 25th. Weiss Ratings raised Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Benchmark restated a "hold" rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Wells Fargo & Company lowered Bio-Techne from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft cut Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective on the stock. in a research report on Friday, June 26th. Two research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $68.92.

Bio-Techne Stock Down 0.2%

Shares of NASDAQ TECH opened at $72.31 on Wednesday. The stock has a market capitalization of $11.34 billion, a P/E ratio of 62.88, a PEG ratio of 8.62 and a beta of 1.28. The stock's fifty day moving average is $71.91 and its 200 day moving average is $60.28. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. 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 earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The firm had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same period last year, the firm earned $0.53 EPS. The business's quarterly revenue was up 1.3% compared to the same quarter last year. Sell-side analysts forecast that Bio-Techne Corp will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

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

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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