OneDigital Investment Advisors LLC Makes New Investment in Bio-Techne Corp $TECH

Key Points

• OneDigital Investment Advisors LLC initiated a position in Bio-Techne by purchasing 115,263 shares valued at approximately $8.14 million. Institutional investors and hedge funds collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.52, in line with estimates, while revenue of $321.19 million exceeded forecasts and increased 1.3% year over year.
• The company raised its quarterly dividend sharply to $0.65 per share, implying a $2.60 annualized payout and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $68.92.

OneDigital Investment Advisors LLC purchased a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 115,263 shares of the biotechnology company's stock, valued at approximately $8,143,000. OneDigital Investment Advisors LLC owned about 0.07% of Bio-Techne as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Tema ETFs LLC raised its stake in Bio-Techne by 5.4% during the second quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock worth $199,000 after acquiring an additional 145 shares during the period. Asset Management One Co. Ltd. lifted its holdings in Bio-Techne by 2.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company's stock worth $341,000 after acquiring an additional 153 shares during the last quarter. Accredited Investors Inc. boosted its stake in Bio-Techne by 2.7% in the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock valued at $356,000 after acquiring an additional 161 shares during the period. Oppenheimer & Co. Inc. boosted its stake in Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after acquiring an additional 181 shares during the period. Finally, Bryn Mawr Trust Advisors LLC grew its holdings in shares of Bio-Techne by 5.1% during the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after purchasing an additional 194 shares during the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Stock Performance

Shares of NASDAQ TECH opened at $72.40 on Monday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a 50 day simple moving average of $67.40 and a 200-day simple moving average of $59.26. The company has a market cap of $11.34 billion, a PE ratio of 62.96, a P/E/G ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.43.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. During the same period in the prior year, the company posted $0.53 EPS. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. On average, equities research analysts forecast that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne's dividend payout ratio (DPR) is currently 27.83%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TECH shares. Stephens set a $73.00 price target on Bio-Techne and gave the stock an "equal weight" rating in a research report on Friday, June 26th. William Blair lowered Bio-Techne from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective for the company. in a research note on Friday, June 26th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Bio-Techne in a research report on Tuesday, August 4th. Finally, Robert W. Baird boosted their price target on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $68.92.

Bio-Techne Company 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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