Rakuten Investment Management Inc. Acquires Shares of 16,600 Bio-Techne Corp $TECH

Key Points

• Rakuten Investment Management purchased 16,600 shares of Bio-Techne, valued at approximately $1.18 million. Institutional investors collectively own 98.95% of the company’s stock.
• Analyst sentiment remains cautious: two analysts rate Bio-Techne a Buy while 15 rate it Hold, resulting in a consensus rating of Hold and an average price target of $68.92.
• Bio-Techne met quarterly earnings expectations with EPS of $0.52 and reported revenue of $321.19 million, up 1.3% year over year. The company also raised its quarterly dividend to $0.65 per share, equivalent to a 3.6% annualized yield.

Rakuten Investment Management Inc. bought a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 16,600 shares of the biotechnology company's stock, valued at approximately $1,177,000.

Other large investors also recently modified their holdings of the company. Tema ETFs LLC raised its position in Bio-Techne by 5.4% during the 2nd quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company's stock valued at $199,000 after purchasing an additional 145 shares during the last quarter. Accredited Investors Inc. increased its stake in shares of Bio-Techne by 2.7% during the fourth quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company's stock valued at $356,000 after buying an additional 161 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of Bio-Techne by 3.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company's stock valued at $315,000 after buying an additional 181 shares during the period. Bryn Mawr Trust Advisors LLC raised its holdings in shares of Bio-Techne by 5.1% during the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company's stock valued at $208,000 after acquiring an additional 194 shares in the last quarter. Finally, New Mexico Educational Retirement Board raised its holdings in shares of Bio-Techne by 2.8% during the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company's stock valued at $429,000 after acquiring an additional 200 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TECH has been the subject of a number of research analyst reports. William Blair lowered Bio-Techne from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 25th. Piper Sandler began coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They set a "neutral" rating and a $65.00 price objective on the stock. Weiss Ratings upgraded shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Deutsche Bank Aktiengesellschaft cut shares of Bio-Techne from a "buy" rating to a "hold" rating and set a $73.00 target price for the company. in a research report on Friday, June 26th. Finally, Robert W. Baird lifted their target price on shares of Bio-Techne from $49.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat.com, Bio-Techne currently has an average rating of "Hold" and a consensus price target of $68.92.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $72.35 on Monday. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.62. The company has a 50 day simple moving average of $70.86 and a two-hundred day simple moving average of $59.71. The company has a market capitalization of $11.35 billion, a price-to-earnings ratio of 62.91, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The firm 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%. The business's revenue was up 1.3% on a year-over-year basis. During the same period last year, the business earned $0.53 earnings per share. Analysts expect that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.65 per share. The ex-dividend date is Monday, August 24th. This is a positive change from Bio-Techne's previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. Bio-Techne's dividend payout ratio (DPR) is presently 27.83%.

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.

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).

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