Westfield Capital Management Co. LP Buys New Stake in Bio-Techne Corp $TECH

Westfield Capital Management Co. LP bought a new stake in Bio-Techne Corp (NASDAQ:TECH) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 994,330 shares of the biotechnology company’s stock, valued at approximately $58,477,000. Westfield Capital Management Co. LP owned about 0.64% of Bio-Techne at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in Bio-Techne by 349.8% in the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after buying an additional 3,978,026 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Bio-Techne by 164.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after buying an additional 2,495,328 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Bio-Techne by 7.7% during the third quarter. Invesco Ltd. now owns 3,946,028 shares of the biotechnology company’s stock worth $219,518,000 after purchasing an additional 283,303 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of Bio-Techne by 32.3% during the third quarter. Neuberger Berman Group LLC now owns 3,307,116 shares of the biotechnology company’s stock worth $183,975,000 after purchasing an additional 807,147 shares during the last quarter. Finally, Mairs & Power Inc. grew its holdings in shares of Bio-Techne by 3.4% during the third quarter. Mairs & Power Inc. now owns 2,807,409 shares of the biotechnology company’s stock worth $156,176,000 after purchasing an additional 91,031 shares during the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

TECH has been the topic of several research reports. Wells Fargo & Company dropped their price objective on Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. TD Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a report on Tuesday, March 17th. Zacks Research raised Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Stifel Nicolaus set a $50.00 price objective on Bio-Techne in a report on Thursday, May 7th. Finally, Robert W. Baird set a $49.00 price target on Bio-Techne in a report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Bio-Techne presently has a consensus rating of “Moderate Buy” and an average price target of $65.17.

Bio-Techne Trading Down 2.2%

Shares of Bio-Techne stock opened at $51.99 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.16. The company has a market capitalization of $8.14 billion, a P/E ratio of 75.35, a P/E/G ratio of 5.08 and a beta of 1.37. The business has a 50 day moving average price of $52.01 and a 200 day moving average price of $57.58.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). The business had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The company’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. Sell-side analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. Bio-Techne’s payout ratio is currently 46.38%.

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.