Maverick Capital Ltd. Takes $30.66 Million Position in Bio-Techne Corp $TECH

Key Points

• Maverick Capital Ltd. has acquired 522,897 shares of Bio-Techne Corp, estimated at approximately $30.7 million, holding around 0.33% of the company according to their recent SEC filing.
• Several other institutional investors significantly increased their stakes in Bio-Techne, with Price T Rowe Associates Inc. boosting its holdings by 6.8% to over 11.3 million shares.
• Bio-Techne recently declared a quarterly dividend of $0.08 per share, with an annualized dividend yield of 0.6%, alongside a newly authorized $500 million stock buyback plan.

Maverick Capital Ltd. bought a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 522,897 shares of the biotechnology company's stock, valued at approximately $30,657,000. Maverick Capital Ltd. owned about 0.33% of Bio-Techne at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of TECH. CX Institutional acquired a new position in shares of Bio-Techne during the first quarter valued at $27,000. AlphaQuest LLC acquired a new stake in Bio-Techne in the first quarter worth about $34,000. Federated Hermes Inc. acquired a new stake in Bio-Techne in the first quarter worth about $41,000. Caitong International Asset Management Co. Ltd lifted its holdings in Bio-Techne by 1,239.1% in the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock worth $54,000 after purchasing an additional 855 shares during the period. Finally, Horizon Financial Services LLC acquired a new stake in Bio-Techne in the first quarter worth about $69,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Trading Up 2.8%

NASDAQ TECH traded up $1.49 on Friday, hitting $54.41. 1,745,308 shares of the company were exchanged, compared to its average volume of 1,832,320. The company's 50 day moving average price is $53.90 and its 200-day moving average price is $53.79. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The firm has a market capitalization of $8.53 billion, a P/E ratio of 118.29, a price-to-earnings-growth ratio of 3.37 and a beta of 1.47. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its 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. The company had revenue of $316.96 million for the quarter, compared to the consensus estimate of $315.14 million. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The firm's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.49 EPS. Analysts predict 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, August 29th. Investors of record on Monday, August 18th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, August 18th. Bio-Techne's dividend payout ratio is presently 69.57%.

Analysts Set New Price Targets

Several research firms recently weighed in on TECH. Wall Street Zen downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target for the company in a report on Tuesday, July 22nd. Scotiabank cut their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a report on Friday, July 11th. Citigroup raised shares of Bio-Techne from a "neutral" rating to a "buy" rating and upped their price target for the company from $55.00 to $70.00 in a report on Thursday, August 21st. Finally, UBS Group cut their price target on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Bio-Techne has an average rating of "Moderate Buy" and an average price target of $70.42.

About Bio-Techne

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.