VCI Wealth Management LLC Takes $762,000 Position in Bio-Techne Corp $TECH

VCI Wealth Management LLC acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH) during the 1st quarter, Holdings Channel.com reports. The firm acquired 14,573 shares of the biotechnology company’s stock, valued at approximately $762,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECH. Wellington Management Group LLP raised its position in shares of Bio-Techne by 349.8% during the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after purchasing an additional 3,978,026 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Bio-Techne by 164.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. Norges Bank bought a new stake in Bio-Techne during the 4th quarter worth approximately $99,494,000. Durable Capital Partners LP bought a new stake in Bio-Techne during the 3rd quarter worth approximately $77,658,000. Finally, Morgan Stanley raised its holdings in Bio-Techne by 15.3% during the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after buying an additional 1,107,536 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne News Roundup

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

• Positive Sentiment: Merck KGaA’s all-cash buyout offer gives Bio-Techne shareholders a clear takeover price and a premium valuation anchor. Merck KGaA, Darmstadt, Germany, Agrees to Acquire Bio-Techne, Strengthening Leadership Position in Fast-Growing Life Sciences Markets
• Positive Sentiment: Analyst actions were mixed but included an upgrade from Evercore to strong-buy and a price-target increase from Baird to $73, reinforcing the view that the shares were moving toward deal value.
• Neutral Sentiment: Unusual call-option activity suggests traders are positioning for further merger-related volatility, but that activity does not change the takeover terms.
• Negative Sentiment: Shareholder-law-firm investigations have begun over whether the Merck deal provides a fair price, which could add some headline risk and scrutiny around the transaction. SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Bio-Techne Corporation (NASDAQ: TECH)

Bio-Techne Trading Up 0.4%

NASDAQ TECH opened at $71.00 on Friday. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The stock’s 50 day moving average price is $52.95 and its two-hundred day moving average price is $57.09. The stock has a market capitalization of $11.12 billion, a price-to-earnings ratio of 102.90, a PEG ratio of 6.85 and a beta of 1.37.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $316.11 million. During the same period in the prior year, the business earned $0.56 earnings per share. Bio-Techne’s revenue was down 1.5% compared to the same quarter last year. As a group, analysts anticipate that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. Bio-Techne’s dividend payout ratio (DPR) is 46.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TECH shares. Piper Sandler started coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price target on the stock. Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating in a research report on Friday. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research report on Thursday, May 7th. Evercore raised shares of Bio-Techne from a “hold” rating to a “strong-buy” rating in a research note on Thursday. Finally, Robert W. Baird increased their target price on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.07.

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.