Voya Investment Management LLC Purchases 141,548 Shares of Bio-Techne Corp $TECH

Key Points

• Voya Investment Management LLC increased its stake in Bio-Techne Corp by 32.2%, owning 581,136 shares worth approximately $34.07 million as of the last SEC filing.
• Several large investors, including CX Institutional and AlphaQuest LLC, entered new positions in Bio-Techne during Q1, indicating strong institutional interest in the company.
• Bio-Techne recently reported earnings of $0.53 per share, exceeding analysts’ estimates, and also announced a quarterly dividend of $0.08 per share, reflecting a modest dividend yield of 0.6%.

Voya Investment Management LLC raised its holdings in shares of Bio-Techne Corp (NASDAQ:TECH - Free Report) by 32.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 581,136 shares of the biotechnology company's stock after acquiring an additional 141,548 shares during the quarter. Voya Investment Management LLC owned about 0.37% of Bio-Techne worth $34,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in TECH. CX Institutional purchased a new position in shares of Bio-Techne during the 1st quarter valued at $27,000. AlphaQuest LLC purchased a new position in shares of Bio-Techne during the 1st quarter valued at $34,000. Federated Hermes Inc. purchased a new position in shares of Bio-Techne during the 1st quarter valued at $41,000. Caitong International Asset Management Co. Ltd grew its position in shares of Bio-Techne by 1,239.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock valued at $54,000 after purchasing an additional 855 shares in the last quarter. Finally, Horizon Financial Services LLC purchased a new position in shares of Bio-Techne during the 1st quarter valued at $69,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank Of Canada upgraded shares of Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Stephens upgraded shares of Bio-Techne to a "strong-buy" rating and set a $65.00 target price for the company in a research report on Tuesday, July 22nd. Wells Fargo & Company assumed coverage on shares of Bio-Techne in a research report on Friday, May 30th. They issued an "overweight" rating and a $59.00 target price for the company. TD Cowen assumed coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They issued a "buy" rating and a $65.00 target price for the company. Finally, Benchmark reiterated a "buy" rating and issued a $75.00 target price on shares of Bio-Techne in a research report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $70.42.

Bio-Techne Trading Up 2.9%

Shares of NASDAQ TECH traded up $1.49 during midday trading on Thursday, reaching $53.01. The company had a trading volume of 447,490 shares, compared to its average volume of 2,054,642. 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 firm's fifty day moving average price is $53.88 and its 200-day moving average price is $53.14. The stock has a market cap of $8.31 billion, a PE ratio of 115.42, a price-to-earnings-growth ratio of 3.30 and a beta of 1.47. Bio-Techne Corp has a one year low of $46.01 and a one year high of $80.95.

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

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, August 18th. Bio-Techne's dividend payout ratio is presently 69.57%.

Bio-Techne Company 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.