Public Employees Retirement System of Ohio Makes New Investment in Bio-Techne Corp $TECH

Key Points

• Public Employees Retirement System of Ohio acquired 49,482 Bio-Techne shares worth approximately $3.5 million in the second quarter. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.52, matching estimates, while revenue of $321.19 million exceeded forecasts and rose 1.3% year over year.
• The company increased its quarterly dividend to $0.65 per share, equivalent to $2.60 annually and a 3.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $68.92.

Public Employees Retirement System of Ohio acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 49,482 shares of the biotechnology company's stock, valued at approximately $3,496,000.

A number of other hedge funds have also made changes to their positions in TECH. Danske Bank A S acquired a new position in Bio-Techne in the fourth quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne in the third quarter valued at approximately $32,000. iSAM Funds UK Ltd acquired a new stake in Bio-Techne during the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its holdings in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Bio-Techne during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Performance

Shares of TECH opened at $72.43 on Friday. The company's 50 day simple moving average is $71.84 and its 200-day simple moving average is $60.09. The firm has a market cap of $11.36 billion, a PE ratio of 62.98, a price-to-earnings-growth 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 $72.62. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

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 the consensus estimate of $0.52. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. As a group, equities analysts predict that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a dividend of $0.65 per share. This is an increase from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 24th. Bio-Techne's dividend payout ratio is 27.83%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TECH. Piper Sandler initiated coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They issued a "neutral" rating and a $65.00 target price on the stock. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an "equal weight" rating in a research report on Friday, June 26th. TD Cowen cut shares of Bio-Techne from a "buy" rating to a "hold" rating and boosted their price target for the company from $65.00 to $73.00 in a research report on Monday, June 29th. Weiss Ratings upgraded shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Finally, Evercore lowered Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source