Sumitomo Mitsui Trust Holdings Inc. trimmed its holdings in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 11.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 209,851 shares of the biotechnology company’s stock after selling 26,354 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in BIO-TECHNE were worth $55,416,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. GQ Asset Management LLC bought a new position in BIO-TECHNE during the 1st quarter valued at about $33,000. Aigen Investment Management LP increased its position in BIO-TECHNE by 1,576.9% in the 1st quarter. Aigen Investment Management LP now owns 218 shares of the biotechnology company’s stock valued at $41,000 after acquiring an additional 205 shares in the last quarter. EPG Wealth Management LLC increased its position in BIO-TECHNE by 139.0% in the 1st quarter. EPG Wealth Management LLC now owns 251 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 146 shares in the last quarter. Carroll Financial Associates Inc. increased its position in BIO-TECHNE by 365.8% in the 2nd quarter. Carroll Financial Associates Inc. now owns 340 shares of the biotechnology company’s stock valued at $89,000 after acquiring an additional 267 shares in the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in BIO-TECHNE in the 1st quarter valued at about $96,000. 95.59% of the stock is owned by institutional investors.
Several research firms have weighed in on TECH. BidaskClub upgraded shares of BIO-TECHNE from a “sell” rating to a “hold” rating in a research report on Wednesday, June 24th. Citigroup raised their price objective on shares of BIO-TECHNE from $230.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, June 18th. Benchmark began coverage on shares of BIO-TECHNE in a research report on Thursday, May 14th. They set a “buy” rating and a $290.00 price target for the company. Stephens cut shares of BIO-TECHNE from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $253.00 to $273.00 in a research report on Wednesday, July 15th. Finally, Zacks Investment Research upgraded shares of BIO-TECHNE from a “sell” rating to a “hold” rating in a research report on Wednesday, June 3rd. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $248.00.
In related news, CFO James Hippel sold 2,577 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $271.43, for a total transaction of $699,475.11. Following the transaction, the chief financial officer now directly owns 30,809 shares in the company, valued at $8,362,486.87. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Brenda S. Furlow sold 9,079 shares of the business’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $275.76, for a total transaction of $2,503,625.04. Following the transaction, the senior vice president now owns 13,390 shares in the company, valued at $3,692,426.40. The disclosure for this sale can be found here. In the last three months, insiders sold 41,121 shares of company stock worth $10,980,262. 4.20% of the stock is currently owned by insiders.
Shares of NASDAQ TECH opened at $275.16 on Friday. The stock has a market cap of $10.58 billion, a P/E ratio of 58.17, a P/E/G ratio of 10.18 and a beta of 1.14. The firm has a 50 day moving average price of $264.60 and a 200 day moving average price of $227.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 3.74 and a current ratio of 4.69. BIO-TECHNE Corp has a 52-week low of $155.17 and a 52-week high of $286.68.
BIO-TECHNE (NASDAQ:TECH) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported $1.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.24. The firm had revenue of $194.70 million for the quarter, compared to analyst estimates of $182.32 million. BIO-TECHNE had a net margin of 24.77% and a return on equity of 13.04%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 earnings per share. Analysts predict that BIO-TECHNE Corp will post 3.56 earnings per share for the current fiscal year.
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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