State of Tennessee Treasury Department trimmed its position in BIO-TECHNE Corp (NASDAQ:TECH) by 44.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,858 shares of the biotechnology company’s stock after selling 13,664 shares during the quarter. State of Tennessee Treasury Department’s holdings in BIO-TECHNE were worth $3,299,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in TECH. DekaBank Deutsche Girozentrale lifted its holdings in BIO-TECHNE by 118.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 30,170 shares of the biotechnology company’s stock valued at $6,227,000 after buying an additional 16,360 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in shares of BIO-TECHNE during the 2nd quarter valued at approximately $225,000. Mckinley Capital Management LLC Delaware purchased a new stake in shares of BIO-TECHNE during the 2nd quarter valued at approximately $676,000. Highland Capital Management LLC purchased a new stake in shares of BIO-TECHNE during the 2nd quarter valued at approximately $1,935,000. Finally, Vanguard Group Inc. lifted its stake in shares of BIO-TECHNE by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 3,512,553 shares of the biotechnology company’s stock valued at $732,332,000 after buying an additional 19,589 shares in the last quarter. 92.09% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently commented on TECH. Zacks Investment Research cut shares of BIO-TECHNE from a “hold” rating to a “sell” rating in a research note on Saturday, November 2nd. TheStreet cut shares of BIO-TECHNE from a “b” rating to a “c+” rating in a research note on Tuesday, August 6th. ValuEngine raised shares of BIO-TECHNE from a “hold” rating to a “buy” rating in a report on Tuesday. BidaskClub raised shares of BIO-TECHNE from a “sell” rating to a “hold” rating in a report on Tuesday, September 17th. Finally, Leerink Swann reissued an “outperform” rating and issued a $240.00 price target (up previously from $230.00) on shares of BIO-TECHNE in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. BIO-TECHNE currently has a consensus rating of “Hold” and an average target price of $212.83.
TECH stock opened at $203.21 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.41 and a current ratio of 4.44. BIO-TECHNE Corp has a 52 week low of $132.75 and a 52 week high of $217.15. The firm’s fifty day moving average is $201.97 and its 200 day moving average is $201.70. The firm has a market cap of $7.76 billion, a P/E ratio of 53.48, a P/E/G ratio of 4.36 and a beta of 1.22.
BIO-TECHNE (NASDAQ:TECH) last released its earnings results on Tuesday, October 29th. The biotechnology company reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.14. BIO-TECHNE had a net margin of 12.68% and a return on equity of 13.36%. The company had revenue of $183.24 million for the quarter, compared to analyst estimates of $179.38 million. During the same quarter last year, the firm earned $0.98 EPS. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. As a group, analysts forecast that BIO-TECHNE Corp will post 4.26 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.63%. The ex-dividend date is Thursday, November 7th. BIO-TECHNE’s dividend payout ratio is currently 33.68%.
In other BIO-TECHNE news, CEO Charles R. Kummeth bought 200 shares of BIO-TECHNE stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of $185.00 per share, with a total value of $37,000.00. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.20% of the stock is currently owned by company insiders.
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.
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