Redmond Asset Management LLC reduced its stake in BIO-TECHNE Corp (NASDAQ:TECH) by 35.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,274 shares of the biotechnology company’s stock after selling 3,917 shares during the period. Redmond Asset Management LLC’s holdings in BIO-TECHNE were worth $1,517,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in TECH. Geode Capital Management LLC grew its stake in BIO-TECHNE by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 416,496 shares of the biotechnology company’s stock worth $60,275,000 after purchasing an additional 27,587 shares during the period. Retirement Systems of Alabama grew its stake in shares of BIO-TECHNE by 49.6% in the first quarter. Retirement Systems of Alabama now owns 73,262 shares of the biotechnology company’s stock worth $14,546,000 after acquiring an additional 24,296 shares during the last quarter. Tributary Capital Management LLC grew its stake in shares of BIO-TECHNE by 4.2% in the first quarter. Tributary Capital Management LLC now owns 7,500 shares of the biotechnology company’s stock worth $1,489,000 after acquiring an additional 300 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of BIO-TECHNE by 0.6% during the first quarter. Nisa Investment Advisors LLC now owns 18,150 shares of the biotechnology company’s stock valued at $3,604,000 after purchasing an additional 100 shares in the last quarter. Finally, Hills Bank & Trust Co. bought a new position in shares of BIO-TECHNE during the first quarter valued at $242,000. Hedge funds and other institutional investors own 92.09% of the company’s stock.
In other BIO-TECHNE news, CEO Charles R. Kummeth sold 33,031 shares of BIO-TECHNE stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $212.60, for a total transaction of $7,022,390.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert V. Baumgartner bought 500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were purchased at an average cost of $191.06 per share, with a total value of $95,530.00. Following the completion of the transaction, the director now owns 8,726 shares in the company, valued at $1,667,189.56. The disclosure for this purchase can be found here. Insiders have sold a total of 46,548 shares of company stock valued at $9,790,896 in the last 90 days. 3.80% of the stock is currently owned by company insiders.
A number of research analysts have recently issued reports on TECH shares. Zacks Investment Research downgraded BIO-TECHNE from a “buy” rating to a “sell” rating in a report on Tuesday. BidaskClub downgraded BIO-TECHNE from a “buy” rating to a “hold” rating in a report on Saturday, July 13th. TheStreet downgraded BIO-TECHNE from a “b” rating to a “c+” rating in a report on Tuesday, August 6th. ValuEngine downgraded BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Janney Montgomery Scott raised BIO-TECHNE from a “neutral” rating to a “buy” rating and increased their target price for the company from $200.00 to $270.00 in a report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. BIO-TECHNE currently has a consensus rating of “Hold” and a consensus target price of $211.17.
Shares of NASDAQ:TECH traded up $0.64 during trading on Thursday, hitting $192.88. 7,785 shares of the company’s stock were exchanged, compared to its average volume of 167,287. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.15 and a current ratio of 4.05. BIO-TECHNE Corp has a 52-week low of $132.75 and a 52-week high of $217.15. The firm has a 50-day moving average of $207.43. The firm has a market capitalization of $7.21 billion, a P/E ratio of 50.91, a price-to-earnings-growth ratio of 4.09 and a beta of 1.17.
BIO-TECHNE (NASDAQ:TECH) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.08. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. The firm had revenue of $191.66 million during the quarter, compared to analysts’ expectations of $196.37 million. During the same quarter last year, the business posted $1.34 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. Research analysts expect that BIO-TECHNE Corp will post 4.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.66%. The ex-dividend date of this dividend is Thursday, August 15th. BIO-TECHNE’s dividend payout ratio is presently 33.68%.
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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