Bio-Techne Corp $TECH Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 46.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 725,085 shares of the biotechnology company’s stock after selling 633,738 shares during the period. JPMorgan Chase & Co. owned 0.47% of Bio-Techne worth $40,337,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the company. Blue Trust Inc. raised its holdings in Bio-Techne by 109.7% in the 3rd quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock worth $25,000 after purchasing an additional 237 shares during the period. Allworth Financial LP raised its position in Bio-Techne by 68.1% during the second quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 248 shares during the period. EverSource Wealth Advisors LLC raised its position in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 562 shares during the period. Sound Income Strategies LLC purchased a new position in Bio-Techne during the third quarter valued at $37,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Bio-Techne in the third quarter valued at about $37,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $57.92 on Friday. The company’s 50-day moving average is $63.11 and its two-hundred day moving average is $59.82. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 113.57, a PEG ratio of 3.84 and a beta of 1.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.54 and a quick ratio of 3.08. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $72.16.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, February 4th. The biotechnology company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $295.88 million for the quarter, compared to analyst estimates of $290.20 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 EPS. Analysts forecast that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 27th. Investors of record on Monday, February 16th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.6%. The ex-dividend date is Friday, February 13th. Bio-Techne’s payout ratio is 62.75%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Benchmark restated a “buy” rating on shares of Bio-Techne in a research report on Tuesday, February 3rd. Evercore raised their target price on Bio-Techne from $62.00 to $68.00 and gave the company an “in-line” rating in a research report on Thursday, February 5th. Wells Fargo & Company boosted their price target on Bio-Techne from $70.00 to $76.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Argus raised their price objective on Bio-Techne from $65.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, November 20th. Finally, Stifel Nicolaus set a $65.00 target price on shares of Bio-Techne and gave the stock a “hold” rating in a research note on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.77.

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.