Sumitomo Mitsui DS Asset Management Company Ltd Sells 12,631 Shares of Bio-Techne Corp $TECH

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its stake in Bio-Techne Corp by 75.5%, selling 12,631 shares and holding 4,106 shares valued at approximately $211,000.
• Multiple institutional investors increased their positions in Bio-Techne, with 98.95% of the stock now owned by institutional investors.
• Bio-Techne recently announced a quarterly dividend of $0.08 per share, yielding 0.6%, with a dividend payout ratio of 69.57%.

Sumitomo Mitsui DS Asset Management Company Ltd trimmed its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 75.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,106 shares of the biotechnology company's stock after selling 12,631 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Bio-Techne were worth $211,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. CX Institutional bought a new stake in shares of Bio-Techne during the first quarter worth approximately $27,000. AlphaQuest LLC bought a new stake in shares of Bio-Techne during the first quarter worth approximately $34,000. Federated Hermes Inc. bought a new stake in shares of Bio-Techne during the first quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd raised its stake 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 buying an additional 855 shares during the last quarter. Finally, Horizon Financial Services LLC bought a new stake in shares of Bio-Techne during the first quarter worth approximately $69,000. 98.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on TECH shares. TD Cowen started coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price for the company. Wall Street Zen downgraded shares of Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Scotiabank lowered their target price on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research note on Friday, July 11th. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 target price for the company in a research note on Tuesday, July 22nd. Finally, Citigroup raised shares of Bio-Techne from a "neutral" rating to a "buy" rating and upped their target price for the company from $55.00 to $70.00 in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Bio-Techne currently has an average rating of "Moderate Buy" and an average target price of $70.42.

Bio-Techne Stock Down 0.2%

Shares of TECH stock opened at $53.04 on Tuesday. The firm has a fifty day moving average of $53.84 and a 200-day moving average of $52.82. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 12-month low of $46.01 and a 12-month high of $80.80. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 115.31, a P/E/G ratio of 3.39 and a beta of 1.47.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The company had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The firm's revenue was up 3.6% compared to the same quarter last year. 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 Announces Dividend

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

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.

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