UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Raises Holdings in Bio-Techne Corp $TECH

Key Points

• UBS Asset Management increased its stake in Bio-Techne Corp by 2.1%, now holding approximately 944,327 shares worth about $55 million.
• Analysts have varying price targets for Bio-Techne, with Citigroup setting a new target of $70, amidst multiple ratings changes from different financial institutions.
• Bio-Techne reported a quarterly earnings per share (EPS) of $0.53, exceeding analyst expectations, and has also declared a quarterly dividend with a yield of 0.6%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 944,327 shares of the biotechnology company's stock after buying an additional 19,606 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.60% of Bio-Techne worth $55,366,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. CX Institutional purchased a new stake in shares of Bio-Techne in the first quarter worth about $27,000. AlphaQuest LLC acquired a new position in Bio-Techne in the 1st quarter worth about $34,000. Federated Hermes Inc. acquired a new position in Bio-Techne in the 1st quarter worth about $41,000. Caitong International Asset Management Co. Ltd raised its holdings in Bio-Techne by 1,239.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock worth $54,000 after purchasing an additional 855 shares during the period. Finally, Horizon Financial Services LLC acquired a new position in Bio-Techne in the 1st quarter worth about $69,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Analysts Set New Price Targets

TECH has been the subject of a number of analyst reports. Citigroup raised Bio-Techne from a "neutral" rating to a "buy" rating and upped their price target for the stock from $55.00 to $70.00 in a report on Thursday, August 21st. Scotiabank reduced their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating for the company in a report on Friday, July 11th. Wall Street Zen cut Bio-Techne from a "buy" rating to a "hold" rating in a report on Sunday, June 8th. TD Cowen initiated coverage on Bio-Techne in a report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 price target for the company. Finally, Royal Bank Of Canada raised Bio-Techne from a "hold" rating to a "moderate buy" rating in a report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $70.42.

Bio-Techne Price Performance

TECH stock opened at $51.26 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The business has a 50 day simple moving average of $53.92 and a 200-day simple moving average of $53.23. The firm has a market capitalization of $8.04 billion, a PE ratio of 111.44, a price-to-earnings-growth ratio of 3.27 and a beta of 1.47. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $80.95.

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 analysts' consensus estimates of $0.50 by $0.03. The business had revenue of $316.96 million during the quarter, compared to analyst estimates of $315.14 million. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business's revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.49 earnings per share. Equities research analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business 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 was Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.6%. Bio-Techne's dividend payout ratio is 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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