SG Americas Securities LLC Lowers Stock Holdings in Bio-Techne Corp $TECH

Key Points

• SG Americas Securities cut its Bio-Techne position by 24.2% in the first quarter, selling 33,004 shares and ending with 103,634 shares valued at about $5.4 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 98.95% of Bio-Techne’s stock, and several large firms such as Wellington Management and Morgan Stanley significantly increasing stakes.
• Bio-Techne is in focus after Merck KGaA’s all-cash takeover offer, which has helped anchor valuation around the deal price, even as analysts have been mixed and shareholder-law-firm investigations have begun.

SG Americas Securities LLC lowered its position in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 24.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 103,634 shares of the biotechnology company's stock after selling 33,004 shares during the period. SG Americas Securities LLC owned about 0.07% of Bio-Techne worth $5,416,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its stake in shares of Bio-Techne by 349.8% in the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company's stock worth $284,555,000 after acquiring an additional 3,978,026 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Bio-Techne by 164.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company's stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. Norges Bank purchased a new position in Bio-Techne in the 4th quarter worth approximately $99,494,000. Durable Capital Partners LP purchased a new position in Bio-Techne in the 3rd quarter worth approximately $77,658,000. Finally, Morgan Stanley boosted its stake in Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company's stock worth $490,794,000 after purchasing an additional 1,107,536 shares during the period. Hedge funds and other institutional investors own 98.95% of the company's stock.

More Bio-Techne News

Here are the key news stories impacting Bio-Techne this week:

• Positive Sentiment: Merck KGaA’s all-cash buyout offer gives Bio-Techne shareholders a clear takeover price and a premium valuation anchor. Merck KGaA, Darmstadt, Germany, Agrees to Acquire Bio-Techne, Strengthening Leadership Position in Fast-Growing Life Sciences Markets
• Positive Sentiment: Analyst actions were mixed but included an upgrade from Evercore to strong-buy and a price-target increase from Baird to $73, reinforcing the view that the shares were moving toward deal value.
• Neutral Sentiment: Unusual call-option activity suggests traders are positioning for further merger-related volatility, but that activity does not change the takeover terms.
• Negative Sentiment: Shareholder-law-firm investigations have begun over whether the Merck deal provides a fair price, which could add some headline risk and scrutiny around the transaction. SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Bio-Techne Corporation NASDAQ: TECH

Bio-Techne Price Performance

NASDAQ TECH opened at $71.00 on Monday. The stock has a 50 day moving average price of $52.95 and a 200-day moving average price of $57.07. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The company has a market capitalization of $11.12 billion, a P/E ratio of 102.90, a P/E/G ratio of 6.88 and a beta of 1.37.

Bio-Techne (NASDAQ:TECH - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business had revenue of $311.42 million for the quarter, compared to analysts' expectations of $316.11 million. During the same period in the previous year, the company earned $0.56 EPS. Bio-Techne's revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts predict that Bio-Techne Corp will post 1.65 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, May 18th. Bio-Techne's dividend payout ratio is currently 46.38%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TECH. Evercore upgraded shares of Bio-Techne from a "hold" rating to a "strong-buy" rating in a research report on Thursday. TD Cowen restated a "buy" rating on shares of Bio-Techne in a research report on Tuesday, June 23rd. 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 note on Friday. Piper Sandler initiated coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a "neutral" rating and a $65.00 price target on the stock. Finally, Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an "equal weight" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Bio-Techne has an average rating of "Hold" and an average price target of $68.07.

Bio-Techne Company 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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