9,542 Shares in Bio-Techne Co. (NASDAQ:TECH) Bought by Woodline Partners LP

Woodline Partners LP acquired a new position in Bio-Techne Co. (NASDAQ:TECH - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,542 shares of the biotechnology company's stock, valued at approximately $687,000.

Other hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Bio-Techne by 46.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,650 shares of the biotechnology company's stock worth $1,215,000 after acquiring an additional 5,295 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Bio-Techne in the 4th quarter worth about $3,940,000. Allspring Global Investments Holdings LLC grew its stake in Bio-Techne by 12.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 736,340 shares of the biotechnology company's stock worth $52,641,000 after acquiring an additional 79,629 shares in the last quarter. SG Americas Securities LLC grew its stake in Bio-Techne by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 7,001 shares of the biotechnology company's stock worth $504,000 after acquiring an additional 456 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its stake in shares of Bio-Techne by 1.0% during the fourth quarter. Retirement Systems of Alabama now owns 34,402 shares of the biotechnology company's stock valued at $2,478,000 after purchasing an additional 336 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TECH shares. Wells Fargo & Company started coverage on shares of Bio-Techne in a research note on Friday. They set an "overweight" rating and a $59.00 price objective on the stock. Baird R W downgraded shares of Bio-Techne from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, February 19th. KeyCorp reiterated a "sector weight" rating on shares of Bio-Techne in a research note on Wednesday, April 9th. Citigroup dropped their price objective on shares of Bio-Techne from $80.00 to $70.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Finally, UBS Group dropped their price objective on shares of Bio-Techne from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

Bio-Techne Stock Performance

Shares of NASDAQ TECH traded up $0.07 during midday trading on Friday, reaching $48.40. The company had a trading volume of 11,773,067 shares, compared to its average volume of 1,356,962. The business's 50-day simple moving average is $50.85 and its 200 day simple moving average is $63.59. The stock has a market cap of $7.59 billion, a P/E ratio of 48.89, a P/E/G ratio of 2.88 and a beta of 1.46. Bio-Techne Co. has a 1 year low of $46.01 and a 1 year high of $83.62. The company has a current ratio of 3.94, a quick ratio of 2.77 and a debt-to-equity ratio of 0.14.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.05. The business had revenue of $316.18 million during the quarter, compared to analysts' expectations of $317.92 million. Bio-Techne had a net margin of 13.22% and a return on equity of 12.73%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter last year, the company posted $0.48 earnings per share. On average, analysts forecast that Bio-Techne Co. will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.66%. Bio-Techne's dividend payout ratio is currently 39.02%.

Bio-Techne declared that its board has initiated a share buyback program on Wednesday, May 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the biotechnology company to buy up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.