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Pacer Advisors Inc. Sells 4,635 Shares of Bio-Techne Corp (NASDAQ:TECH)

Bio-Techne logo with Medical background

Key Points

  • Pacer Advisors Inc. has reduced its holdings in Bio-Techne Corp by 36.3%, selling 4,635 shares, leaving it with a total of 8,120 shares valued at approximately $476,000.
  • Bio-Techne reported $0.56 earnings per share for the quarter, surpassing analyst expectations, and announced a $500 million share repurchase program.
  • Institutional investors own approximately 98.95% of Bio-Techne's stock, indicating strong institutional support for the company.
  • Five stocks to consider instead of Bio-Techne.

Pacer Advisors Inc. trimmed its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 36.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,120 shares of the biotechnology company's stock after selling 4,635 shares during the quarter. Pacer Advisors Inc.'s holdings in Bio-Techne were worth $476,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in TECH. Utah Retirement Systems boosted its stake in shares of Bio-Techne by 0.8% in the 4th quarter. Utah Retirement Systems now owns 25,756 shares of the biotechnology company's stock valued at $1,855,000 after purchasing an additional 200 shares during the last quarter. Amalgamated Bank boosted its stake in Bio-Techne by 0.7% during the first quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company's stock worth $1,797,000 after acquiring an additional 222 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its stake in Bio-Techne by 1.4% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 19,078 shares of the biotechnology company's stock worth $1,392,000 after acquiring an additional 263 shares in the last quarter. First Hawaiian Bank boosted its stake in Bio-Techne by 6.1% during the first quarter. First Hawaiian Bank now owns 5,152 shares of the biotechnology company's stock worth $302,000 after acquiring an additional 298 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in Bio-Techne by 0.5% during the fourth quarter. Treasurer of the State of North Carolina now owns 70,157 shares of the biotechnology company's stock worth $5,053,000 after acquiring an additional 320 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Performance

TECH opened at $54.73 on Friday. The company has a current ratio of 3.71, a quick ratio of 2.58 and a debt-to-equity ratio of 0.16. The company's fifty day moving average price is $51.75 and its two-hundred day moving average price is $57.20. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $83.62. The company has a market cap of $8.58 billion, a price-to-earnings ratio of 66.74, a PEG ratio of 2.76 and a beta of 1.39.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. Bio-Techne had a net margin of 10.89% and a return on equity of 13.17%. The firm had revenue of $316.18 million for the quarter, compared to the consensus estimate of $317.92 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The business's revenue was up 4.2% on a year-over-year basis. On average, analysts expect that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne announced that its board has initiated a share repurchase program on Wednesday, May 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the biotechnology company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were issued a $0.08 dividend. The ex-dividend date was Monday, May 19th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. Bio-Techne's dividend payout ratio is currently 39.02%.

Wall Street Analysts Forecast Growth

TECH has been the topic of several research analyst reports. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research note on Tuesday, July 22nd. KeyCorp reissued a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Stifel Nicolaus cut their target price on shares of Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. UBS Group cut their target price 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, Benchmark reissued a "buy" rating and set a $75.00 target price on shares of Bio-Techne in a research note on Thursday, June 5th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Bio-Techne currently has an average rating of "Moderate Buy" and a consensus price target of $69.58.

Get Our Latest Stock Report on Bio-Techne

About Bio-Techne

(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.

Read More

Want to see what other hedge funds are holding TECH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bio-Techne Corp (NASDAQ:TECH - Free Report).

Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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