Sandler Capital Management Acquires Shares of 27,020 Bio-Techne Corp $TECH

Key Points

• Sandler Capital Management has acquired a new position in Bio-Techne Corp, investing approximately $1.58 million for 27,020 shares in the first quarter.
• Bio-Techne's recent earnings report showed that the company beat analysts' expectations with $0.53 EPS and revenue of $316.96 million, reflecting a 3.6% increase year-over-year.
• Wall Street analysts have upgraded Bio-Techne's stock ratings, with the average target price now set at $70.42, indicating a consensus of a "Moderate Buy".

Sandler Capital Management acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 27,020 shares of the biotechnology company's stock, valued at approximately $1,584,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CX Institutional acquired a new position in Bio-Techne in the first quarter valued at $27,000. AlphaQuest LLC purchased a new stake in shares of Bio-Techne during the first quarter worth about $34,000. Federated Hermes Inc. purchased a new stake in shares of Bio-Techne during the first quarter worth about $41,000. Caitong International Asset Management Co. Ltd increased 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 worth $54,000 after acquiring an additional 855 shares during the last quarter. Finally, Horizon Financial Services LLC bought a new stake in Bio-Techne in the first quarter valued at about $69,000. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Performance

Shares of Bio-Techne stock traded down $0.12 during trading on Tuesday, reaching $53.99. The company's stock had a trading volume of 417,091 shares, compared to its average volume of 2,038,244. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.38 and a current ratio of 3.46. The business's fifty day moving average price is $53.96 and its 200-day moving average price is $53.55. The firm has a market cap of $8.46 billion, a price-to-earnings ratio of 117.20, a price-to-earnings-growth ratio of 3.47 and a beta of 1.47. Bio-Techne Corp has a one year low of $46.01 and a one year high of $80.95.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. During the same period in the previous year, the company posted $0.49 earnings per share. The firm's revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on TECH shares. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $55.00 to $70.00 in a report on Thursday, August 21st. TD Cowen assumed coverage on Bio-Techne in a research report on Wednesday, July 9th. They set a "buy" rating and a $65.00 price objective for the company. Benchmark restated a "buy" rating and issued a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. Stephens upgraded Bio-Techne to a "strong-buy" rating and set a $65.00 price objective for the company in a research report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.42.

Bio-Techne Profile

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.