The Manufacturers Life Insurance Company Sells 39,950 Shares of Bio-Techne Corp $TECH

Key Points

• The Manufacturers Life Insurance Company cut its Bio-Techne stake by 26.1%, selling 39,950 shares and retaining 113,374 shares valued at approximately $5.9 million. Institutional investors collectively own 98.95% of the company.
• Bio-Techne reported quarterly EPS of $0.53, below the $0.55 analyst consensus, while revenue fell 1.5% year over year to $311.42 million. The company’s shares opened at $72.00, near their 52-week high.
• Analyst sentiment is broadly cautious, with a consensus “Hold” rating and an average price target of $68.08; several firms recently downgraded the stock while raising targets toward $73.

The Manufacturers Life Insurance Company lowered its holdings in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 26.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 113,374 shares of the biotechnology company's stock after selling 39,950 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Bio-Techne worth $5,925,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in shares of Bio-Techne by 12.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company's stock valued at $62,379,000 after acquiring an additional 113,634 shares in the last quarter. Woodline Partners LP increased its position in Bio-Techne by 40.0% during the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company's stock valued at $783,000 after purchasing an additional 3,814 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company's stock worth $35,000 after purchasing an additional 562 shares in the last quarter. First Trust Advisors LP raised its holdings in Bio-Techne by 1,085.7% in the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company's stock worth $5,424,000 after purchasing an additional 96,527 shares in the last quarter. Finally, Natixis lifted its position in shares of Bio-Techne by 82.6% in the 2nd quarter. Natixis now owns 24,991 shares of the biotechnology company's stock worth $1,286,000 after purchasing an additional 11,306 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Down 0.1%

Shares of Bio-Techne stock opened at $72.00 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. The company has a 50-day moving average of $64.48 and a 200 day moving average of $59.10. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of 104.35, a PEG ratio of 8.59 and a beta of 1.28. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.36.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued 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 last year, the business earned $0.56 earnings per share. The company's revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TECH has been the topic of several research analyst reports. Wells Fargo & Company reduced their price target on shares of Bio-Techne from $76.00 to $62.00 and set an "overweight" rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada lowered shares of Bio-Techne from an "outperform" rating to a "sector perform" rating and raised their price objective for the stock from $62.00 to $73.00 in a report on Thursday, July 9th. Evercore downgraded Bio-Techne from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. TD Cowen lowered Bio-Techne from a "buy" rating to a "hold" rating and increased their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Finally, Leerink Partners set a $73.00 target price on Bio-Techne in a research note on Thursday, June 25th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $68.08.

About Bio-Techne

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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