Riverbridge Partners LLC Sells 432,169 Shares of Bio-Techne Corp $TECH

Key Points

• Riverbridge Partners cut its Bio-Techne position by 99% in the third quarter, selling 432,169 shares and retaining 4,338 shares valued at about $314,000.
• Bio-Techne reported quarterly EPS of $0.44, in line with estimates, while revenue of $299.71 million exceeded forecasts of $292.60 million. The company also reduced its quarterly dividend from $0.65 to $0.08 per share.
• Analyst views are mostly cautious: 14 analysts rated the stock Hold, and its average price target was $68.92, below the reported share price of $72.80.

Riverbridge Partners LLC lessened its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 99.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,338 shares of the biotechnology company's stock after selling 432,169 shares during the period. Riverbridge Partners LLC's holdings in Bio-Techne were worth $314,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Root Financial Partners LLC purchased a new position in shares of Bio-Techne in the third quarter valued at about $27,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Bio-Techne during the first quarter worth about $37,000. Avalon Trust Co purchased a new stake in shares of Bio-Techne during the second quarter worth about $42,000. Allworth Financial LP bought a new stake in Bio-Techne during the 2nd quarter valued at approximately $59,000. Finally, Integrated Wealth Concepts LLC bought a new stake in Bio-Techne during the 2nd quarter valued at approximately $71,000. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Down 0.0%

TECH opened at $72.80 on Thursday. The firm has a 50-day simple moving average of $72.52 and a two-hundred day simple moving average of $63.43. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.88. The company has a market capitalization of $11.44 billion, a PE ratio of 42.34, a price-to-earnings-growth ratio of 5.28 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Friday, November 6th. The biotechnology company reported $0.44 earnings per share for the quarter, meeting analysts' consensus estimates of $0.44. The firm had revenue of $299.71 million during the quarter, compared to analyst estimates of $292.60 million. Bio-Techne had a return on equity of 11.56% and a net margin of 14.00%. As a group, sell-side analysts expect that Bio-Techne Corp will post 1.75 earnings per share for the current year.

Bio-Techne Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Shareholders of record on Friday, November 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, November 13th. This represents a $0.32 annualized dividend and a yield of 0.4%. This is a drop from Bio-Techne's previous quarterly dividend of $0.65. Bio-Techne's dividend payout ratio (DPR) is 27.83%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TECH. Wells Fargo & Company cut Bio-Techne from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Argus lowered shares of Bio-Techne from a "strong-buy" rating to a "strong sell" rating in a report on Monday, October 26th. Zacks Research raised shares of Bio-Techne from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 29th. Benchmark reiterated a "hold" rating on shares of Bio-Techne in a research report on Wednesday, August 19th. Finally, Weiss Ratings raised shares of Bio-Techne from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $68.92.

Bio-Techne Company Profile

Bio-Techne is a life sciences company that develops and supplies products and services used in biological research, drug development, and clinical diagnostics. Its offerings include proteins, antibodies, immunoassays, and small molecules, as well as instruments and analytical tools for studying cells and biological processes. The company also provides technologies for protein analysis, molecular diagnostics, and spatial biology. Its portfolio includes products and services associated with brands such as R&D Systems, Tocris, ProteinSimple, and Advanced Cell Diagnostics.

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