Pembroke Management LTD Lowers Stake in Bio-Techne Corp $TECH

Key Points

• Pembroke Management LTD has reduced its stake in Bio-Techne Corp by 3.1%, now holding 251,875 shares valued at approximately $14.77 million, making it the 19th largest holding for the firm.
• A number of institutional investors, including Price T Rowe Associates and Ameriprise Financial, have increased their holdings in Bio-Techne, contributing to a significant institutional ownership level of 98.95%.
• Bio-Techne recently reported a quarterly earnings per share of $0.53, exceeding analyst expectations, and announced a $500 million stock repurchase program indicating confidence in its undervalued stock.

Pembroke Management LTD decreased its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 3.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 251,875 shares of the biotechnology company's stock after selling 8,167 shares during the period. Bio-Techne makes up about 2.2% of Pembroke Management LTD's investment portfolio, making the stock its 19th largest position. Pembroke Management LTD owned 0.16% of Bio-Techne worth $14,767,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CX Institutional bought a new position in Bio-Techne in the first quarter valued at about $27,000. AlphaQuest LLC bought a new stake in shares of Bio-Techne during the 1st quarter valued at $34,000. Itau Unibanco Holding S.A. purchased a new stake in Bio-Techne during the 4th quarter valued at about $41,000. Federated Hermes Inc. bought a new position in Bio-Techne in the 1st quarter worth $41,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Bio-Techne by 1,239.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock valued at $54,000 after buying an additional 855 shares during the period. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Down 2.2%

Bio-Techne stock traded down $1.21 during trading on Tuesday, reaching $53.42. 1,727,126 shares of the company's stock were exchanged, compared to its average volume of 2,044,414. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $80.95. The company's 50-day moving average is $53.75 and its two-hundred day moving average is $53.97. The firm has a market cap of $8.37 billion, a price-to-earnings ratio of 116.13, a PEG ratio of 3.48 and a beta of 1.47.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 6.02% and a return on equity of 13.43%. Bio-Techne's revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.49 EPS. On average, analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. Bio-Techne's payout ratio is 69.57%.

Analyst Upgrades and Downgrades

TECH has been the subject of several recent research reports. TD Cowen began coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target for the company. 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. Scotiabank dropped their target price on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Friday, July 11th. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $55.00 to $70.00 in a research note on Thursday, August 21st. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $69.42.

About Bio-Techne

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.