Evolve Private Wealth LLC Acquires Shares of 7,050 Bio-Techne Corp $TECH

Evolve Private Wealth LLC bought a new position in Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,050 shares of the biotechnology company’s stock, valued at approximately $498,000.

Several other hedge funds have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of Bio-Techne by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock worth $62,379,000 after acquiring an additional 113,634 shares during the period. Woodline Partners LP raised its stake in Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock valued at $783,000 after acquiring an additional 3,814 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the last quarter. First Trust Advisors LP lifted its holdings in Bio-Techne by 1,085.7% during the second quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after purchasing an additional 96,527 shares during the last quarter. Finally, Natixis boosted its position in Bio-Techne by 82.6% during the second quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock worth $1,286,000 after purchasing an additional 11,306 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TECH. Evercore lowered shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Piper Sandler initiated coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective for the company. TD Cowen cut shares of Bio-Techne from a “buy” rating to a “hold” rating and boosted their target price for the company from $65.00 to $73.00 in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a research report on Friday, June 26th. Finally, Robert W. Baird raised their price target on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Bio-Techne presently has an average rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Price Performance

TECH stock opened at $72.33 on Wednesday. The firm has a 50 day moving average of $69.93 and a 200-day moving average of $59.58. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. The firm has a market capitalization of $11.34 billion, a P/E ratio of 62.90, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same quarter in the prior year, the firm posted $0.53 EPS. Bio-Techne’s revenue was up 1.3% on a year-over-year basis. As a group, sell-side analysts predict that Bio-Techne Corp will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 24th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne’s payout ratio is currently 27.83%.

About Bio-Techne

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.