P Schoenfeld Asset Management LP Makes New Investment in Bio-Techne Corp $TECH

Key Points

• P Schoenfeld Asset Management acquired 65,000 Bio-Techne shares in the second quarter, making up 1.9% of its portfolio. Institutional investors 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 expectations and rose 1.3% year over year.
• The company raised its quarterly dividend to $0.65 per share, implying a 3.6% yield. Analysts remain cautious, with the stock carrying a consensus “Hold” rating and an average price target of $68.92.

P Schoenfeld Asset Management LP acquired a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 65,000 shares of the biotechnology company's stock, valued at approximately $4,592,250,000. Bio-Techne accounts for 1.9% of P Schoenfeld Asset Management LP's portfolio, making the stock its 16th biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in TECH. Danske Bank A S bought a new stake in Bio-Techne during the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new position in shares of Bio-Techne in the third quarter valued at approximately $32,000. iSAM Funds UK Ltd bought a new position in shares of Bio-Techne in the third quarter valued at approximately $33,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after acquiring an additional 562 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Bio-Techne in the first quarter valued at about $37,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $72.32 on Monday. The company has a market cap of $11.34 billion, a P/E ratio of 62.89, a price-to-earnings-growth ratio of 8.61 and a beta of 1.28. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62. The business has a 50 day moving average price of $69.28 and a two-hundred day moving average price of $59.50. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. During the same period last year, the company earned $0.53 earnings per share. The firm's revenue was up 1.3% compared to the same quarter last year. As a group, analysts expect that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be given a dividend of $0.65 per share. This is a boost from Bio-Techne's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne's payout ratio is presently 27.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Piper Sandler began coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price target on the stock. Robert W. Baird raised their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Benchmark reaffirmed a "hold" rating on shares of Bio-Techne in a research report on Wednesday. Zacks Research cut Bio-Techne from a "hold" rating to a "strong sell" rating in a report on Monday, June 8th. Finally, Leerink Partners set a $73.00 price target on Bio-Techne in a research note on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $68.92.

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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