Brookstone Capital Management reduced its holdings in BIO-TECHNE Corp (NASDAQ:TECH) by 11.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,985 shares of the biotechnology company’s stock after selling 393 shares during the period. Brookstone Capital Management’s holdings in BIO-TECHNE were worth $609,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently modified their holdings of TECH. Schroder Investment Management Group raised its stake in BIO-TECHNE by 975.1% during the second quarter. Schroder Investment Management Group now owns 2,211,502 shares of the biotechnology company’s stock worth $85,499,000 after purchasing an additional 2,005,804 shares during the period. Advisors Asset Management Inc. raised its stake in BIO-TECHNE by 1,286,672.2% during the second quarter. Advisors Asset Management Inc. now owns 231,619 shares of the biotechnology company’s stock worth $1,112,000 after purchasing an additional 231,601 shares during the period. First Trust Advisors LP raised its stake in BIO-TECHNE by 41.1% during the third quarter. First Trust Advisors LP now owns 672,964 shares of the biotechnology company’s stock worth $137,359,000 after purchasing an additional 195,950 shares during the period. BTIM Corp. purchased a new position in BIO-TECHNE during the second quarter worth about $22,879,000. Finally, OppenheimerFunds Inc. raised its stake in BIO-TECHNE by 98.2% during the second quarter. OppenheimerFunds Inc. now owns 303,344 shares of the biotechnology company’s stock worth $44,879,000 after purchasing an additional 150,256 shares during the period. 94.72% of the stock is currently owned by institutional investors.
Shares of TECH opened at $170.80 on Friday. BIO-TECHNE Corp has a 1-year low of $121.26 and a 1-year high of $206.04. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 41.97, a P/E/G ratio of 3.04 and a beta of 1.04. The company has a quick ratio of 3.56, a current ratio of 4.65 and a debt-to-equity ratio of 0.49.
BIO-TECHNE (NASDAQ:TECH) last announced its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The business had revenue of $163.00 million during the quarter, compared to analysts’ expectations of $162.34 million. During the same period last year, the business earned $0.90 earnings per share. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities research analysts predict that BIO-TECHNE Corp will post 3.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.75%. The ex-dividend date is Thursday, November 8th. BIO-TECHNE’s dividend payout ratio is presently 31.45%.
TECH has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of BIO-TECHNE from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 15th. BidaskClub upgraded shares of BIO-TECHNE from a “hold” rating to a “buy” rating in a research report on Tuesday, October 30th. Craig Hallum lifted their price target on shares of BIO-TECHNE from $160.00 to $215.00 and gave the company a “buy” rating in a research report on Wednesday, August 8th. Citigroup lifted their price target on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 9th. Finally, Robert W. Baird lifted their price target on shares of BIO-TECHNE from $162.00 to $191.00 and gave the company a “positive” rating in a research report on Wednesday, August 8th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. BIO-TECHNE has an average rating of “Buy” and an average target price of $184.13.
In related news, Director John L. Higgins sold 10,000 shares of BIO-TECHNE stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total value of $1,879,200.00. Following the completion of the transaction, the director now owns 13,012 shares in the company, valued at $2,445,215.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.80% of the stock is owned by company insiders.
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BIO-TECHNE Company Profile
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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