Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 22.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 308,252 shares of the biotechnology company's stock after purchasing an additional 56,387 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.19% of Bio-Techne worth $18,073,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. CX Institutional acquired a new position in Bio-Techne during the 1st quarter worth approximately $27,000. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne during the 4th quarter worth approximately $41,000. Federated Hermes Inc. acquired a new position in Bio-Techne during the 1st quarter worth approximately $41,000. GeoWealth Management LLC acquired a new position in Bio-Techne during the 4th quarter worth approximately $43,000. Finally, Horizon Financial Services LLC acquired a new position in Bio-Techne during the 1st quarter worth approximately $69,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms recently weighed in on TECH. TD Cowen assumed coverage on Bio-Techne in a research note on Wednesday, July 9th. They set a "buy" rating and a $65.00 price target on the stock. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target on the stock in a research report on Tuesday, July 22nd. Scotiabank dropped their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. UBS Group dropped their price target on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Wells Fargo & Company assumed coverage on shares of Bio-Techne in a research report on Friday, May 30th. They issued an "overweight" rating and a $59.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Bio-Techne presently has an average rating of "Moderate Buy" and a consensus target price of $69.42.
Check Out Our Latest Stock Analysis on TECH
Bio-Techne Stock Performance
Shares of Bio-Techne stock traded up $1.88 during mid-day trading on Wednesday, hitting $54.71. 1,666,933 shares of the stock were exchanged, compared to its average volume of 2,059,298. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95. The company has a 50-day simple moving average of $52.52 and a 200 day simple moving average of $55.71. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. The company has a market capitalization of $8.58 billion, a P/E ratio of 118.94, a P/E/G ratio of 3.07 and a beta of 1.40.
Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm had revenue of $316.96 million for the quarter, compared to analysts' expectations of $315.14 million. During the same quarter last year, the firm earned $0.49 EPS. The company's quarterly revenue was up 3.6% compared to the same quarter last year. Sell-side analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.
Bio-Techne announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the biotechnology company to buy up to 6.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Bio-Techne Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be paid a dividend of $0.08 per share. The ex-dividend date is Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. Bio-Techne's dividend payout ratio (DPR) is presently 69.57%.
Bio-Techne Profile
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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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