Procyon Advisors LLC Takes Position in Bio-Techne Corp $TECH

Procyon Advisors LLC purchased a new position in Bio-Techne Corp (NASDAQ:TECH) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,499 shares of the biotechnology company’s stock, valued at approximately $417,000.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in shares of Bio-Techne during the second quarter worth about $98,238,000. Worldquant Millennium Advisors LLC acquired a new stake in Bio-Techne in the second quarter valued at approximately $31,421,000. Quantinno Capital Management LP lifted its stake in Bio-Techne by 548.6% in the second quarter. Quantinno Capital Management LP now owns 653,411 shares of the biotechnology company’s stock worth $33,618,000 after acquiring an additional 552,673 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Bio-Techne during the 2nd quarter worth approximately $26,659,000. Finally, Squarepoint Ops LLC increased its position in shares of Bio-Techne by 5,114.7% in the 2nd quarter. Squarepoint Ops LLC now owns 492,892 shares of the biotechnology company’s stock valued at $25,359,000 after purchasing an additional 483,440 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TECH has been the topic of a number of analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Bio-Techne in a report on Wednesday, October 8th. Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 17th. Cowen reaffirmed a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. TD Cowen upped their price objective on Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Finally, Deutsche Bank Aktiengesellschaft set a $72.00 price objective on Bio-Techne and gave the company a “buy” rating in a report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Bio-Techne has a consensus rating of “Moderate Buy” and a consensus price target of $70.57.

Bio-Techne Stock Performance

Shares of TECH stock opened at $68.67 on Friday. The stock’s 50-day moving average is $61.46 and its two-hundred day moving average is $57.84. The firm has a market cap of $10.70 billion, a price-to-earnings ratio of 140.15, a PEG ratio of 4.82 and a beta of 1.47. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $79.28. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.81 and a current ratio of 4.22.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $286.56 million during the quarter, compared to the consensus estimate of $292.02 million. Bio-Techne had a return on equity of 13.59% and a net margin of 6.41%.The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.42 EPS. Analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Monday, November 17th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, November 17th. Bio-Techne’s dividend payout ratio is presently 65.31%.

Bio-Techne Profile

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.