Two Star Manager LLC Makes New $8.49 Million Investment in Bio-Techne Corp $TECH

Key Points

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Two Star Manager LLC acquired a new stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 144,730 shares of the biotechnology company's stock, valued at approximately $8,486,000. Bio-Techne comprises about 4.1% of Two Star Manager LLC's holdings, making the stock its 15th biggest holding. Two Star Manager LLC owned approximately 0.09% of Bio-Techne as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TECH. Canada Pension Plan Investment Board boosted its holdings in shares of Bio-Techne by 104.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 4,300 shares of the biotechnology company's stock valued at $310,000 after buying an additional 2,200 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Bio-Techne by 1.4% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 72,241 shares of the biotechnology company's stock valued at $5,201,000 after buying an additional 979 shares during the last quarter. GeoWealth Management LLC acquired a new stake in shares of Bio-Techne in the 4th quarter valued at approximately $43,000. Forum Financial Management LP acquired a new stake in shares of Bio-Techne in the 4th quarter valued at approximately $224,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Bio-Techne by 5.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 953,786 shares of the biotechnology company's stock valued at $68,705,000 after buying an additional 53,217 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company's stock.

Bio-Techne Stock Performance

TECH stock traded up $3.09 during trading hours on Friday, hitting $57.09. 1,442,419 shares of the stock were exchanged, compared to its average volume of 2,281,608. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $8.95 billion, a P/E ratio of 124.11, a P/E/G ratio of 3.44 and a beta of 1.40. The company has a 50-day simple moving average of $53.10 and a two-hundred day simple moving average of $54.80. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95.

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

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be given a dividend of $0.08 per share. The ex-dividend date is Monday, August 18th. This represents a $0.32 annualized dividend and a yield of 0.6%. Bio-Techne's dividend payout ratio (DPR) is presently 69.57%.

Bio-Techne declared that its board has authorized a stock repurchase program on Wednesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the biotechnology company to reacquire up to 6.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Citigroup upgraded Bio-Techne from a "neutral" rating to a "buy" rating and increased their price target for the company from $55.00 to $70.00 in a research note on Thursday. Stephens upgraded Bio-Techne to a "strong-buy" rating and set a $65.00 price target on the stock in a research note on Tuesday, July 22nd. Wells Fargo & Company assumed coverage on Bio-Techne in a research note on Friday, May 30th. They issued an "overweight" rating and a $59.00 price target on the stock. Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Finally, UBS Group dropped their price target on Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $69.42.

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.