Nuveen LLC Makes New $7.40 Million Investment in Bio-Techne Corp $TECH

Key Points

• Nuveen LLC has acquired a new position in Bio-Techne Corp, purchasing 126,153 shares valued at approximately $7.4 million, representing about 0.08% of the company.
• Analysts have varying ratings for Bio-Techne with one Strong Buy, seven Buy, and five Hold ratings, and the average price target is currently $69.42.
• Bio-Techne recently announced a $500 million stock repurchase plan, indicating company leadership's belief that its shares are undervalued.

Nuveen LLC acquired a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 126,153 shares of the biotechnology company's stock, valued at approximately $7,396,000. Nuveen LLC owned approximately 0.08% of Bio-Techne at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP purchased a new position in shares of Bio-Techne during the 1st quarter valued at $39,658,000. Brown Advisory Inc. lifted its stake in shares of Bio-Techne by 45.7% during the 1st quarter. Brown Advisory Inc. now owns 1,912,377 shares of the biotechnology company's stock valued at $112,123,000 after buying an additional 599,982 shares in the last quarter. Select Equity Group L.P. grew its stake in Bio-Techne by 26.9% during the fourth quarter. Select Equity Group L.P. now owns 2,335,359 shares of the biotechnology company's stock valued at $168,216,000 after acquiring an additional 495,404 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Bio-Techne by 18.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,025,409 shares of the biotechnology company's stock valued at $177,380,000 after acquiring an additional 472,847 shares in the last quarter. Finally, Freestone Grove Partners LP purchased a new position in Bio-Techne during the fourth quarter valued at $30,047,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TECH shares. Scotiabank cut their target price on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Friday, July 11th. Wells Fargo & Company assumed coverage on shares of Bio-Techne in a research note on Friday, May 30th. They set an "overweight" rating and a $59.00 target price for the company. Royal Bank Of Canada decreased their price target on shares of Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. UBS Group decreased 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 note on Friday, May 9th. Finally, Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target on the stock in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.42.

Bio-Techne Trading Down 3.4%

TECH stock traded down $1.89 during midday trading on Thursday, reaching $54.33. The company's stock had a trading volume of 4,028,765 shares, compared to its average volume of 2,048,326. 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 stock has a fifty day simple moving average of $53.47 and a two-hundred day simple moving average of $54.43. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.95. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of 118.11, a PEG ratio of 3.62 and a beta of 1.40.

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, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $316.96 million during the quarter, compared to analysts' expectations of $315.14 million. During the same period in the prior year, the business earned $0.49 EPS. The business's revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities research analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the biotechnology company to purchase up to 6.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, August 18th. Bio-Techne's dividend payout ratio is currently 69.57%.

Bio-Techne Profile

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.