Bio-Techne Corp $TECH Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,932,373 shares of the biotechnology company’s stock after selling 505,949 shares during the period. Vanguard Group Inc. owned 11.52% of Bio-Techne worth $997,578,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TECH. Blue Trust Inc. lifted its position in Bio-Techne by 109.7% during the third quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock worth $25,000 after buying an additional 237 shares in the last quarter. Allworth Financial LP increased its stake in shares of Bio-Techne by 68.1% in the 2nd quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 248 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 562 shares during the last quarter. Sound Income Strategies LLC purchased a new position in shares of Bio-Techne during the 3rd quarter worth $37,000. Finally, Federated Hermes Inc. acquired a new position in shares of Bio-Techne during the 3rd quarter valued at about $37,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TECH shares. Weiss Ratings upgraded shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Benchmark reiterated a “buy” rating on shares of Bio-Techne in a report on Tuesday, February 3rd. TD Cowen restated a “buy” rating and set a $80.00 price target (up previously from $70.00) on shares of Bio-Techne in a report on Thursday, February 5th. Argus lifted their price target on shares of Bio-Techne from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. Finally, Deutsche Bank Aktiengesellschaft set a $72.00 price objective on Bio-Techne and gave the company a “buy” rating in a report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Bio-Techne currently has a consensus rating of “Moderate Buy” and an average price target of $72.77.

Bio-Techne Price Performance

Bio-Techne stock opened at $57.52 on Friday. The company’s 50 day simple moving average is $63.15 and its 200-day simple moving average is $59.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 3.08 and a current ratio of 4.54. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $72.16. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of 112.79, a price-to-earnings-growth ratio of 3.82 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, February 4th. The biotechnology company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $295.88 million during the quarter, compared to the consensus estimate of $290.20 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $0.42 EPS. As a group, equities research analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Monday, February 16th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, February 13th. Bio-Techne’s payout ratio is currently 62.75%.

Bio-Techne Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.