TD Asset Management Inc Has $3.50 Million Stock Position in Bio-Techne Corp $TECH

Key Points

• TD Asset Management Inc decreased its stake in Bio-Techne Corp by 52.5%, reducing its holdings to 68,083 shares valued at $3.5 million at the end of the last reporting period.
• Bio-Techne reported earnings per share of $0.53 for the last quarter, exceeding the estimated $0.50, and had a year-over-year revenue increase of 3.6%.
• The company declared a quarterly dividend of $0.08, representing a 0.5% yield with a payout ratio of 69.57%.

TD Asset Management Inc reduced its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 52.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,083 shares of the biotechnology company's stock after selling 75,281 shares during the quarter. TD Asset Management Inc's holdings in Bio-Techne were worth $3,503,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TECH. Exchange Traded Concepts LLC grew its holdings in shares of Bio-Techne by 21.2% during the first quarter. Exchange Traded Concepts LLC now owns 2,803 shares of the biotechnology company's stock valued at $164,000 after buying an additional 490 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Bio-Techne by 4.6% during the first quarter. Janney Montgomery Scott LLC now owns 11,210 shares of the biotechnology company's stock valued at $657,000 after buying an additional 490 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Bio-Techne by 2.2% during the first quarter. State of Alaska Department of Revenue now owns 18,524 shares of the biotechnology company's stock valued at $1,086,000 after buying an additional 405 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Bio-Techne by 4.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 67,166 shares of the biotechnology company's stock valued at $3,938,000 after buying an additional 2,929 shares during the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in shares of Bio-Techne by 12.8% during the first quarter. Asset Management One Co. Ltd. now owns 136,541 shares of the biotechnology company's stock valued at $8,009,000 after purchasing an additional 15,506 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Up 1.1%

TECH opened at $62.54 on Tuesday. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 135.96, a PEG ratio of 3.94 and a beta of 1.48. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $80.80. The company's 50-day moving average price is $55.55 and its two-hundred day moving average price is $52.63.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $315.14 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The company's quarterly revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Bio-Techne's payout ratio is 69.57%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TECH. Royal Bank Of Canada raised shares of Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Stephens raised shares of Bio-Techne to a "strong-buy" rating and set a $65.00 price target on the stock in a research report on Tuesday, July 22nd. Scotiabank dropped their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. TD Cowen raised their price target on shares of Bio-Techne from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, October 14th. Finally, Evercore ISI raised their price target on shares of Bio-Techne from $60.00 to $72.00 and gave the company an "outperform" rating in a research report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Bio-Techne has an average rating of "Moderate Buy" and a consensus target price of $70.58.

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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