Legal & General Group Plc Makes New $19.51 Million Investment in Bio-Techne Corp $TECH

Legal & General Group Plc purchased a new stake in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 276,208 shares of the biotechnology company’s stock, valued at approximately $19,514,000. Legal & General Group Plc owned 0.18% of Bio-Techne at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in TECH. Danske Bank A S bought a new stake in Bio-Techne during the fourth quarter worth about $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Bio-Techne in the 3rd quarter valued at approximately $32,000. iSAM Funds UK Ltd acquired a new stake in shares of Bio-Techne in the 3rd quarter valued at approximately $33,000. EverSource Wealth Advisors LLC grew its stake in shares of Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 562 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Bio-Techne in the first quarter valued at $37,000. 98.95% of the stock is owned by institutional investors.

Bio-Techne Trading Down 0.2%

Shares of TECH stock opened at $72.35 on Friday. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.62. The company has a market capitalization of $11.35 billion, a PE ratio of 62.91, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. The firm has a 50 day moving average price of $70.86 and a two-hundred day moving average price of $59.75. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last announced 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. The company had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 earnings per share. As a group, analysts predict that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be paid a $0.65 dividend. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne’s dividend payout ratio is presently 27.83%.

Analyst Ratings Changes

Several analysts have issued reports on TECH shares. Royal Bank Of Canada lowered shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the stock an “equal weight” rating in a research note on Friday, June 26th. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 25th. Robert W. Baird lifted 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. Finally, William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Bio-Techne currently has an average rating of “Hold” and a consensus target price of $68.92.

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.