Tributary Capital Management LLC Trims Stake in BIO-TECHNE Corp (TECH)

Tributary Capital Management LLC decreased its holdings in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 26.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,700 shares of the biotechnology company’s stock after selling 2,800 shares during the period. Tributary Capital Management LLC’s holdings in BIO-TECHNE were worth $1,572,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fort L.P. acquired a new position in shares of BIO-TECHNE in the second quarter worth about $115,000. Sun Life Financial INC acquired a new position in shares of BIO-TECHNE in the second quarter worth about $442,000. Public Employees Retirement System of Ohio boosted its holdings in shares of BIO-TECHNE by 8.5% in the second quarter. Public Employees Retirement System of Ohio now owns 47,861 shares of the biotechnology company’s stock worth $7,081,000 after buying an additional 3,744 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of BIO-TECHNE by 4.4% in the second quarter. Conestoga Capital Advisors LLC now owns 272,367 shares of the biotechnology company’s stock worth $40,297,000 after buying an additional 11,595 shares during the period. Finally, Robecosam AG acquired a new position in shares of BIO-TECHNE in the second quarter worth about $144,000. Institutional investors own 93.98% of the company’s stock.

NASDAQ TECH opened at $177.50 on Friday. The company has a quick ratio of 3.93, a current ratio of 5.01 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $6.91 billion, a PE ratio of 43.61, a P/E/G ratio of 3.10 and a beta of 0.87. BIO-TECHNE Corp has a 52-week low of $121.26 and a 52-week high of $206.04.

BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings results on Tuesday, August 7th. The biotechnology company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.05. The business had revenue of $180.25 million during the quarter, compared to analyst estimates of $176.24 million. BIO-TECHNE had a net margin of 19.50% and a return on equity of 14.64%. Sell-side analysts predict that BIO-TECHNE Corp will post 3.93 EPS for the current fiscal year.

Several research analysts have commented on TECH shares. BidaskClub upgraded shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 28th. Zacks Investment Research cut shares of BIO-TECHNE from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Craig Hallum raised their target price on shares of BIO-TECHNE from $160.00 to $215.00 and gave the stock a “buy” rating in a report on Wednesday, August 8th. Goldman Sachs Group started coverage on shares of BIO-TECHNE in a report on Wednesday. They issued a “neutral” rating and a $190.00 target price for the company. Finally, Citigroup raised their target price on shares of BIO-TECHNE from $160.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, August 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. BIO-TECHNE presently has an average rating of “Buy” and an average target price of $191.75.

In other news, Director John L. Higgins sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total value of $1,879,200.00. Following the completion of the sale, the director now directly owns 13,012 shares of the company’s stock, valued at $2,445,215.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles A. Dinarello sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $176.94, for a total transaction of $884,700.00. Following the completion of the sale, the director now directly owns 13,212 shares of the company’s stock, valued at $2,337,731.28. The disclosure for this sale can be found here. 3.80% of the stock is owned by corporate insiders.

BIO-TECHNE Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

Further Reading: Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for BIO-TECHNE (NASDAQ:TECH)

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