Intrinsic Edge Capital Management LLC Buys Shares of 110,000 Bio-Techne Corp $TECH

Intrinsic Edge Capital Management LLC purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 110,000 shares of the biotechnology company’s stock, valued at approximately $5,749,000. Intrinsic Edge Capital Management LLC owned about 0.07% of Bio-Techne as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Morgan Stanley boosted its holdings in Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after purchasing an additional 1,107,536 shares during the period. State Street Corp raised its position in shares of Bio-Techne by 1.0% during the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock valued at $341,806,000 after buying an additional 58,639 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Bio-Techne by 12.1% in the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock valued at $337,219,000 after buying an additional 618,916 shares during the period. Maverick Capital Ltd. grew its position in Bio-Techne by 23.1% during the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after buying an additional 888,798 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Bio-Techne by 21.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,075,194 shares of the biotechnology company’s stock worth $239,663,000 after buying an additional 725,050 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

TECH has been the topic of several recent research reports. Wells Fargo & Company decreased their price objective on Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Robert W. Baird increased their price objective on shares of Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Piper Sandler assumed coverage on shares of Bio-Techne in a report on Thursday, June 11th. They set a “neutral” rating and a $65.00 price objective for the company. Three analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Bio-Techne currently has an average rating of “Hold” and a consensus target price of $68.08.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.03 on Thursday. The business has a 50 day simple moving average of $62.07 and a 200 day simple moving average of $58.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. The company has a market capitalization of $11.28 billion, a PE ratio of 104.39, a price-to-earnings-growth ratio of 8.58 and a beta of 1.29. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.37.

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

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. Bio-Techne’s dividend payout ratio is presently 46.38%.

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.