Bio-Techne Corp $TECH Stock: New York Life Investment Management LLC Raises Holdings

New York Life Investment Management LLC grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 208.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,349 shares of the biotechnology company’s stock after purchasing an additional 86,760 shares during the quarter. New York Life Investment Management LLC owned approximately 0.08% of Bio-Techne worth $9,301,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Bio-Techne by 7.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,374 shares of the biotechnology company’s stock worth $534,000 after purchasing an additional 501 shares during the last quarter. StoneRidge PMG Advisors LLC bought a new position in Bio-Techne during the 3rd quarter worth $351,000. Ethic Inc. grew its stake in Bio-Techne by 28.6% during the 3rd quarter. Ethic Inc. now owns 4,271 shares of the biotechnology company’s stock worth $310,000 after buying an additional 949 shares during the last quarter. StoneX Group Inc. bought a new position in Bio-Techne during the 3rd quarter worth $768,000. Finally, Parallel Advisors LLC increased its position in Bio-Techne by 26.6% in the third quarter. Parallel Advisors LLC now owns 2,554 shares of the biotechnology company’s stock worth $185,000 after buying an additional 537 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Up 0.1%

Shares of NASDAQ TECH opened at $72.84 on Friday. The stock has a market cap of $11.44 billion, a P/E ratio of 42.33, a P/E/G ratio of 5.28 and a beta of 1.29. The firm’s 50-day simple moving average is $72.53 and its 200 day simple moving average is $63.46. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.88.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Monday, November 9th. The biotechnology company reported $0.44 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.44. Bio-Techne had a net margin of 14.00% and a return on equity of 11.56%. The firm had revenue of $299.71 million during the quarter, compared to analyst estimates of $292.60 million. On average, sell-side analysts anticipate that Bio-Techne Corp will post 1.75 earnings per share for the current fiscal year.

Bio-Techne Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Stockholders of record on Friday, November 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. This is a drop from Bio-Techne’s previous quarterly dividend of $0.65. The ex-dividend date is Friday, November 13th. Bio-Techne’s payout ratio is 27.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TECH shares. Zacks Research upgraded Bio-Techne from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 29th. Wells Fargo & Company downgraded shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Benchmark restated a “hold” rating on shares of Bio-Techne in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Finally, Argus cut shares of Bio-Techne from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 26th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.92.

Bio-Techne Company Profile

Bio-Techne is a life sciences company that develops and supplies products and services used in biological research, drug development, and clinical diagnostics. Its offerings include proteins, antibodies, immunoassays, and small molecules, as well as instruments and analytical tools for studying cells and biological processes. The company also provides technologies for protein analysis, molecular diagnostics, and spatial biology. Its portfolio includes products and services associated with brands such as R&D Systems, Tocris, ProteinSimple, and Advanced Cell Diagnostics.