The Manufacturers Life Insurance Company Cuts Stake in Bio-Techne Corp $TECH

The Manufacturers Life Insurance Company reduced its stake in Bio-Techne Corp (NASDAQ:TECH) by 26.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 113,374 shares of the biotechnology company’s stock after selling 39,950 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bio-Techne were worth $5,925,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TECH. Danske Bank A S bought a new position in Bio-Techne in the 4th quarter worth about $29,000. Measured Wealth Private Client Group LLC bought a new stake in Bio-Techne during the 3rd quarter valued at about $32,000. iSAM Funds UK Ltd bought a new stake in Bio-Techne during the 3rd quarter valued at about $33,000. EverSource Wealth Advisors LLC raised its holdings in Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after buying an additional 562 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new position in Bio-Techne in the first quarter worth about $37,000. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

Shares of NASDAQ TECH opened at $72.00 on Thursday. The firm’s 50-day moving average price is $64.48 and its 200-day moving average price is $59.10. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The company has a market cap of $11.27 billion, a PE ratio of 104.35, a PEG ratio of 8.59 and a beta of 1.28. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.36.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The company had revenue of $311.42 million during the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.56 earnings per share. As a group, analysts anticipate that Bio-Techne Corp will post 1.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus set a $50.00 price target on shares of Bio-Techne in a report on Thursday, May 7th. Royal Bank Of Canada lowered shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and boosted their price objective for the stock from $62.00 to $73.00 in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective on the stock. in a research report on Friday, June 26th. Zacks Research downgraded Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Finally, Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $70.00 to $73.00 in a report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bio-Techne has a consensus rating of “Hold” and an average target price of $68.08.

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.