Westfield Capital Management Co. LP Invests $39.66 Million in Bio-Techne Corp (NASDAQ:TECH)

Key Points

• Westfield Capital Management Co. LP acquired a new stake of 676,408 shares in Bio-Techne Corp, valued at approximately $39.7 million, during the first quarter.
• Bio-Techne has initiated a significant $500 million share buyback program, signaling confidence from the board in the company’s stock valuation.
• The company reported an earnings per share (EPS) of $0.56 for the last quarter, exceeding analysts' expectations, and forecasts a projected EPS of 1.67 for the current fiscal year.

Westfield Capital Management Co. LP bought a new stake in Bio-Techne Corp (NASDAQ:TECH - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 676,408 shares of the biotechnology company's stock, valued at approximately $39,658,000. Westfield Capital Management Co. LP owned about 0.43% of Bio-Techne as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TECH. Geneva Capital Management LLC increased its stake in Bio-Techne by 0.8% during the 1st quarter. Geneva Capital Management LLC now owns 1,098,719 shares of the biotechnology company's stock worth $64,418,000 after acquiring an additional 8,784 shares during the period. Weitz Investment Management Inc. boosted its position in Bio-Techne by 107.6% during the 1st quarter. Weitz Investment Management Inc. now owns 791,650 shares of the biotechnology company's stock worth $46,414,000 after buying an additional 410,400 shares during the period. Generali Investments Towarzystwo Funduszy Inwestycyjnych grew its stake in shares of Bio-Techne by 8.6% in the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 22,000 shares of the biotechnology company's stock worth $1,290,000 after purchasing an additional 1,734 shares during the last quarter. Manchester Capital Management LLC grew its position in shares of Bio-Techne by 35.3% in the 1st quarter. Manchester Capital Management LLC now owns 2,877 shares of the biotechnology company's stock valued at $169,000 after buying an additional 750 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Bio-Techne by 2.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 95,620 shares of the biotechnology company's stock valued at $5,606,000 after purchasing an additional 2,710 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

Shares of NASDAQ:TECH traded up $0.27 during trading on Friday, hitting $50.42. 1,898,092 shares of the company were exchanged, compared to its average volume of 2,062,537. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $80.95. The stock has a 50 day moving average of $52.27 and a 200 day moving average of $56.42. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.58. The company has a market cap of $7.90 billion, a PE ratio of 109.61, a P/E/G ratio of 2.39 and a beta of 1.40.

Bio-Techne (NASDAQ:TECH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. The company had revenue of $316.96 million during the quarter, compared to analysts' expectations 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 quarter in the previous year, the company earned $0.49 earnings per share. As a group, equities research analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne announced that its board has authorized a share buyback plan 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 plans are typically a sign that the company's leadership believes its stock is undervalued.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders 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 dividend yield of 0.6%. Bio-Techne's dividend payout ratio (DPR) is 39.02%.

Analyst Ratings Changes

Several research analysts have recently weighed in on TECH shares. Stephens raised Bio-Techne to a "strong-buy" rating and set a $65.00 price objective for the company in a research report on Tuesday, July 22nd. Wells Fargo & Company began coverage on shares of Bio-Techne in a research note on Friday, May 30th. They issued an "overweight" rating and a $59.00 price objective on the stock. Royal Bank Of Canada decreased their price target on Bio-Techne from $63.00 to $61.00 and set a "sector perform" rating for the company in a report on Thursday. Wall Street Zen lowered shares of Bio-Techne from a "buy" rating to a "hold" rating in a research note on Sunday, June 8th. Finally, Stifel Nicolaus lowered their target price on Bio-Techne from $75.00 to $60.00 and set a "hold" rating on the stock in a research note on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $69.42.

Bio-Techne 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.