Bio-Techne Corp $TECH Shares Bought by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. raised its stake in Bio-Techne Corp (NASDAQ:TECH) by 1,189.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,148 shares of the biotechnology company’s stock after acquiring an additional 14,896 shares during the period. Contravisory Investment Management Inc.’s holdings in Bio-Techne were worth $844,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Danske Bank A S bought a new stake in shares of Bio-Techne in the 4th quarter worth approximately $29,000. eCIO Inc. acquired a new position in Bio-Techne during the 4th quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC bought a new position in Bio-Techne during the 3rd quarter worth $32,000. iSAM Funds UK Ltd bought a new position in Bio-Techne during the 3rd quarter worth $33,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Bio-Techne in the fourth quarter worth $39,000. 98.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Piper Sandler initiated coverage on Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price on the stock. Leerink Partners set a $73.00 price target on shares of Bio-Techne in a research report on Thursday. William Blair cut shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday. Citigroup cut their price objective on shares of Bio-Techne from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Finally, TD Cowen restated a “buy” rating on shares of Bio-Techne in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.71.

Bio-Techne Stock Up 20.1%

Shares of Bio-Techne stock opened at $70.70 on Friday. The business’s fifty day moving average price is $52.70 and its two-hundred day moving average price is $56.99. 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 $11.07 billion, a P/E ratio of 102.47, a PEG ratio of 5.67 and a beta of 1.37. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.16.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business had revenue of $311.42 million for the quarter, compared to analyst estimates of $316.11 million. During the same quarter last year, the firm posted $0.56 EPS. The company’s revenue was down 1.5% compared to the same quarter last year. As a group, research analysts forecast that Bio-Techne Corp will post 1.66 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors 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 yield of 0.5%. Bio-Techne’s dividend payout ratio is presently 46.38%.

Key Stories Impacting Bio-Techne

Here are the key news stories impacting Bio-Techne this week:

• Positive Sentiment: Merck KGaA agreed to buy Bio-Techne for $73 per share in cash, giving shareholders a clear exit value and likely driving the stock toward the deal price. Merck KGaA, Darmstadt, Germany, Agrees to Acquire Bio-Techne
• Positive Sentiment: The offer represents a sizable premium to Bio-Techne’s recent share price, which typically boosts takeover-target stocks as investors price in deal completion. Germany’s Merck to buy Bio-Techne for $73 per share
• Neutral Sentiment: Multiple law firms announced shareholder investigations into whether Bio-Techne’s board secured a fair price, which could create legal noise but does not change the announced deal terms. Shareholder Alert: Ademi LLP investigates whether Bio-Techne Corporation is obtaining a Fair Price for Public Shareholders
• Neutral Sentiment: Reported short-interest data showed no meaningful short position, so the move appears driven more by the takeover announcement than by short covering. Bio-Techne Surges on $73-Per-Share Cash Takeover Agreement

Bio-Techne Company 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.