Quantbot Technologies LP Takes Position in Bio-Techne Corp $TECH

Quantbot Technologies LP bought a new position in Bio-Techne Corp (NASDAQ:TECH) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 52,802 shares of the biotechnology company’s stock, valued at approximately $3,730,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Bio-Techne during the 2nd quarter valued at about $990,924,000. Morgan Stanley grew its holdings in Bio-Techne by 15.3% in the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after purchasing an additional 1,107,536 shares during the period. State Street Corp grew its holdings in Bio-Techne by 1.0% in the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock worth $341,806,000 after purchasing an additional 58,639 shares during the period. Wellington Management Group LLP increased its stake in shares of Bio-Techne by 12.1% during 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 purchasing an additional 618,916 shares in the last quarter. Finally, Maverick Capital Ltd. increased its stake in shares of Bio-Techne by 23.1% during the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock valued at $247,698,000 after purchasing an additional 888,798 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Price Performance

NASDAQ TECH opened at $72.32 on Monday. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.62. The stock has a 50-day moving average of $69.28 and a 200 day moving average of $59.50. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 62.89, a PEG ratio of 8.61 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. The business had revenue of $321.19 million for the quarter, compared to analysts’ expectations of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.53 EPS. On average, sell-side analysts forecast that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne’s dividend payout ratio is presently 27.83%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. William Blair lowered shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. Stifel Nicolaus set a $50.00 price target on Bio-Techne in a research note on Thursday, May 7th. Robert W. Baird raised their price objective on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Stephens set a $73.00 target price on Bio-Techne and gave the stock an “equal weight” rating in a report on Friday, June 26th. Finally, TD Cowen downgraded Bio-Techne from a “buy” rating to a “hold” rating and boosted their target price for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Two analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $68.92.

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.