Voya Investment Management LLC Has $34.07 Million Stock Position in 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 boosted its stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) by 32.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 581,136 shares of the biotechnology company's stock after purchasing 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 SEC filing.

Other large investors also recently made changes to their positions in the company. CX Institutional purchased a new position in Bio-Techne during the first quarter valued at approximately $27,000. AlphaQuest LLC purchased a new stake in shares of Bio-Techne during the 1st quarter valued at about $34,000. Federated Hermes Inc. bought a new stake in Bio-Techne during the 1st quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd raised its position in shares of Bio-Techne by 1,239.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company's stock valued at $54,000 after buying an additional 855 shares during the last quarter. Finally, Horizon Financial Services LLC purchased a new position in Bio-Techne during the first quarter worth $69,000. 98.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TECH has been the topic of a number of recent research reports. Royal Bank Of Canada upgraded Bio-Techne from a "hold" rating to a "moderate buy" rating in a research report on Wednesday, September 3rd. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 target price on the stock in a research report on Tuesday, July 22nd. Wells Fargo & Company started coverage on Bio-Techne in a research report on Friday, May 30th. They set an "overweight" rating and a $59.00 target price on the stock. Citigroup upgraded 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 research note on Thursday, August 21st. Finally, Scotiabank dropped their price target on Bio-Techne from $90.00 to $75.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Bio-Techne has a consensus rating of "Moderate Buy" and an average price target of $70.42.

Bio-Techne Price Performance

TECH opened at $51.26 on Friday. The company has a fifty day simple moving average of $53.92 and a 200 day simple moving average of $53.29. The stock has a market cap of $8.04 billion, a P/E ratio of 111.44, a P/E/G ratio of 3.39 and a beta of 1.47. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. 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 issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.03. The business had revenue of $316.96 million during the quarter, compared to the consensus estimate 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 was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.49 EPS. On average, research analysts expect that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. 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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