Quantbot Technologies LP Takes Position in Bio-Techne Corp $TECH

Key Points

• Quantbot Technologies LP acquired 52,802 Bio-Techne shares during the second quarter, valued at approximately $3.73 million. Other institutions also initiated positions, and institutional investors now own 98.95% of the stock.
• 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. Shares opened at $72.32, near their 52-week high of $72.62.
• The company announced a quarterly dividend of $0.65, representing a 3.6% annualized yield. Analysts maintain a consensus “Hold” rating, with an average price target of $68.92.

Quantbot Technologies LP bought a new stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 52,802 shares of the biotechnology company's stock, valued at approximately $3,730,000.

Several other institutional investors and hedge funds have also bought and sold shares of TECH. Evolve Private Wealth LLC purchased a new position in Bio-Techne in the 2nd quarter worth approximately $498,000. William Blair Investment Management LLC purchased a new stake in shares of Bio-Techne during the second quarter valued at approximately $287,000. Landscape Capital Management L.L.C. bought a new position in shares of Bio-Techne in the second quarter worth approximately $1,820,000. Callan Family Office LLC bought a new position in shares of Bio-Techne in the second quarter worth approximately $1,557,000. Finally, Allworth Financial LP purchased a new position in shares of Bio-Techne in the second quarter worth $59,000. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.32 on Monday. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The company's 50-day moving average is $69.28 and its 200 day moving average is $59.50. The stock has a market capitalization of $11.34 billion, a P/E ratio of 62.89, a P/E/G ratio of 8.61 and a beta of 1.28.

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

Bio-Techne Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. This is an increase from Bio-Techne's previous quarterly dividend of $0.08. Bio-Techne's dividend payout ratio is currently 27.83%.

Analyst Ratings Changes

A number of equities research analysts recently commented on TECH shares. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an "equal weight" rating in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft cut shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 price objective on the stock. in a research report on Friday, June 26th. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research note on Thursday, May 7th. TD Cowen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating and increased their target price for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Finally, Leerink Partners set a $73.00 target price on Bio-Techne in a research note on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target 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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