Twin Tree Management LP Buys Shares of 45,631 Bio-Techne Corp $TECH

Key Points

• Twin Tree Management LP acquired 45,631 shares of Bio-Techne Corp valued at approximately $2,348,000 during the second quarter, indicating strong institutional interest in the biotechnology sector.
• Bio-Techne's stock ratings show a consensus of "Moderate Buy" with a price target of $70.58, reflecting mixed opinions from analysts on its future performance.
• The company recently announced a quarterly dividend of $0.08 per share, resulting in an annualized basis of $0.32 and a dividend yield of 0.5%.

Twin Tree Management LP purchased a new position in Bio-Techne Corp (NASDAQ:TECH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 45,631 shares of the biotechnology company's stock, valued at approximately $2,348,000.

Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its position in Bio-Techne by 5.1% during the first quarter. Smartleaf Asset Management LLC now owns 4,300 shares of the biotechnology company's stock valued at $253,000 after buying an additional 210 shares during the period. Amalgamated Bank boosted its position in Bio-Techne by 0.7% during the first quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company's stock valued at $1,797,000 after buying an additional 222 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Bio-Techne by 0.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,005 shares of the biotechnology company's stock valued at $1,994,000 after buying an additional 249 shares during the period. NorthRock Partners LLC boosted its position in Bio-Techne by 4.2% during the first quarter. NorthRock Partners LLC now owns 6,936 shares of the biotechnology company's stock valued at $407,000 after buying an additional 277 shares during the period. Finally, GC Wealth Management RIA LLC boosted its position in Bio-Techne by 2.5% during the second quarter. GC Wealth Management RIA LLC now owns 11,533 shares of the biotechnology company's stock valued at $593,000 after buying an additional 284 shares during the period. Institutional investors own 98.95% of the company's stock.

Wall Street Analyst Weigh In

TECH has been the subject of several analyst reports. Scotiabank cut their price target on shares of Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a research report on Friday, July 11th. Evercore ISI upped 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. Citigroup upgraded shares of Bio-Techne from a "neutral" rating to a "buy" rating and upped their price target for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. Weiss Ratings reiterated a "sell (d+)" rating on shares of Bio-Techne in a report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Bio-Techne from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.58.

Bio-Techne Price Performance

TECH stock opened at $61.60 on Friday. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.80. The firm has a 50-day moving average of $55.08 and a 200 day moving average of $52.58. The company has a market cap of $9.59 billion, a P/E ratio of 133.92, a PEG ratio of 3.80 and a beta of 1.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The business had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same quarter last year, the firm earned $0.49 earnings per share. The business's revenue for the quarter was up 3.6% on a year-over-year basis. On average, sell-side analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Bio-Techne's dividend payout ratio (DPR) is currently 69.57%.

About Bio-Techne

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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