Segall Bryant & Hamill LLC cut its stake in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 516,763 shares of the biotechnology company's stock after selling 8,246 shares during the period. Segall Bryant & Hamill LLC owned 0.33% of Bio-Techne worth $30,298,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional purchased a new stake in shares of Bio-Techne in the first quarter worth approximately $27,000. Itau Unibanco Holding S.A. purchased a new position in Bio-Techne during the 4th quarter worth $41,000. GeoWealth Management LLC purchased a new position in Bio-Techne during the 4th quarter worth $43,000. Kiely Wealth Advisory Group Inc. increased its holdings in Bio-Techne by 1,355.6% during the 4th quarter. Kiely Wealth Advisory Group Inc. now owns 1,048 shares of the biotechnology company's stock worth $81,000 after purchasing an additional 976 shares during the period. Finally, Huntington National Bank increased its holdings in Bio-Techne by 42.6% during the 4th quarter. Huntington National Bank now owns 1,078 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 322 shares during the period. 98.95% of the stock is currently owned by hedge funds and other institutional investors.
Bio-Techne Trading Down 1.6%
TECH traded down $0.87 during trading hours on Friday, reaching $52.43. The company's stock had a trading volume of 436,874 shares, compared to its average volume of 1,474,786. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $83.62. The stock has a market cap of $8.22 billion, a PE ratio of 64.17, a P/E/G ratio of 2.46 and a beta of 1.39. The business's 50-day moving average is $50.48 and its 200-day moving average is $58.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.71 and a quick ratio of 2.58.
Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The business had revenue of $316.18 million for the quarter, compared to analyst estimates of $317.92 million. During the same quarter in the prior year, the company earned $0.48 earnings per share. The company's revenue was up 4.2% 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 fiscal year.
Bio-Techne announced that its board has authorized a share repurchase program on Wednesday, May 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the biotechnology company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.
Bio-Techne Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Monday, May 19th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was Monday, May 19th. Bio-Techne's dividend payout ratio is currently 39.02%.
Analysts Set New Price Targets
TECH has been the topic of several research reports. Scotiabank reduced their price objective on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a report on Friday, July 11th. KeyCorp reaffirmed a "sector weight" rating on shares of Bio-Techne in a research report on Wednesday, April 9th. Stifel Nicolaus dropped their target price on Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Royal Bank Of Canada dropped their target price on Bio-Techne from $72.00 to $63.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a research report on Sunday, June 8th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $70.00.
Get Our Latest Analysis on Bio-Techne
Bio-Techne Profile
(
Free Report)
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.
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