Park Avenue Securities LLC Acquires Shares of 5,244 Bio-Techne Corp $TECH

Key Points

• Park Avenue Securities LLC has acquired 5,244 shares of Bio-Techne Corp, valued at around $270,000.
• Bio-Techne's stock has increased by 7.7% and currently has a market cap of $9.33 billion with a PE ratio of 130.26.
• The company announced a quarterly dividend of $0.08 per share, resulting in an annualized dividend yield of 0.5%.

Park Avenue Securities LLC acquired a new stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 5,244 shares of the biotechnology company's stock, valued at approximately $270,000.

A number of other institutional investors have also added to or reduced their stakes in TECH. Price T Rowe Associates Inc. MD grew its stake in shares of Bio-Techne by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 11,375,279 shares of the biotechnology company's stock worth $666,933,000 after acquiring an additional 721,012 shares during the last quarter. Select Equity Group L.P. raised its stake in shares of Bio-Techne by 129.8% in the first quarter. Select Equity Group L.P. now owns 5,366,003 shares of the biotechnology company's stock worth $314,609,000 after buying an additional 3,030,644 shares during the period. Invesco Ltd. raised its stake in Bio-Techne by 9.7% during the 1st quarter. Invesco Ltd. now owns 4,190,115 shares of the biotechnology company's stock valued at $245,666,000 after purchasing an additional 369,651 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Bio-Techne by 18.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,025,409 shares of the biotechnology company's stock valued at $177,380,000 after purchasing an additional 472,847 shares during the period. Finally, Champlain Investment Partners LLC grew its holdings in Bio-Techne by 1.2% during the 1st quarter. Champlain Investment Partners LLC now owns 2,448,322 shares of the biotechnology company's stock valued at $143,545,000 after buying an additional 28,668 shares in the last quarter. Institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Up 7.7%

Bio-Techne stock opened at $59.92 on Thursday. 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 business's 50-day simple moving average is $53.98 and its two-hundred day simple moving average is $52.58. The company has a market cap of $9.33 billion, a PE ratio of 130.26, a PEG ratio of 3.55 and a beta of 1.48. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $80.80.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.03. The business had revenue of $316.96 million for the quarter, compared to the consensus estimate of $315.14 million. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The company's quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 EPS. Equities analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a $0.08 dividend. The ex-dividend date was Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Bio-Techne's dividend payout ratio is presently 69.57%.

Analyst Upgrades and Downgrades

TECH has been the subject of a number of recent research reports. Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. Scotiabank reduced their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Friday, July 11th. Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Benchmark reaffirmed a "buy" rating and set a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. Finally, Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.42.

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.

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