The Manufacturers Life Insurance Company Acquires Shares of 118,856 Bio-Techne Corp $TECH

The Manufacturers Life Insurance Company acquired a new position in Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 118,856 shares of the biotechnology company’s stock, valued at approximately $8,397,000. The Manufacturers Life Insurance Company owned approximately 0.08% of Bio-Techne as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in TECH. BlackRock Inc. bought a new position in shares of Bio-Techne in the 2nd quarter valued at about $990,924,000. Morgan Stanley increased its stake in Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after acquiring an additional 1,107,536 shares during the last quarter. State Street Corp raised its position in 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 purchasing an additional 58,639 shares during the period. Wellington Management Group LLP lifted its stake in shares of Bio-Techne by 12.1% in the 4th 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 during the last quarter. Finally, Maverick Capital Ltd. lifted its stake in shares of Bio-Techne by 23.1% in the 1st 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 during the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

TECH stock opened at $72.35 on Monday. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 62.91, a PEG ratio of 8.62 and a beta of 1.28. The business’s fifty day simple moving average is $70.86 and its two-hundred day simple moving average is $59.71. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. The firm had revenue of $321.19 million during the quarter, compared to analyst estimates 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 was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 earnings per share. Analysts predict that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

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

Analyst Ratings Changes

Several research analysts have commented on TECH shares. TD Cowen lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a report on Friday, June 26th. Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. 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. Finally, Weiss Ratings raised shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Two equities research analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the stock. According to MarketBeat, Bio-Techne presently has an average rating of “Hold” and a consensus target price of $68.92.

Bio-Techne 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.