Public Employees Retirement System of Ohio Makes New Investment in Bio-Techne Corp $TECH

Public Employees Retirement System of Ohio acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 49,482 shares of the biotechnology company’s stock, valued at approximately $3,496,000.

A number of other hedge funds have also made changes to their positions in TECH. Danske Bank A S acquired a new position in Bio-Techne in the fourth quarter valued at approximately $29,000. Measured Wealth Private Client Group LLC purchased a new position in Bio-Techne in the third quarter valued at approximately $32,000. iSAM Funds UK Ltd acquired a new stake in Bio-Techne during the third quarter worth approximately $33,000. EverSource Wealth Advisors LLC raised its holdings 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 purchasing an additional 562 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Bio-Techne during the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Shares of TECH opened at $72.43 on Friday. The company’s 50 day simple moving average is $71.84 and its 200-day simple moving average is $60.09. The firm has a market cap of $11.36 billion, a PE ratio of 62.98, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.62. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.52. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. As a group, equities analysts predict that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 4th. Investors of record on Monday, August 24th were issued a dividend of $0.65 per share. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Monday, August 24th. Bio-Techne’s dividend payout ratio is 27.83%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TECH. Piper Sandler initiated coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price on the stock. Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an “equal weight” rating in a research report on Friday, June 26th. TD Cowen cut shares of Bio-Techne from a “buy” rating to a “hold” rating and boosted their price target for the company from $65.00 to $73.00 in a research report on Monday, June 29th. Weiss Ratings upgraded shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 25th. Finally, Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Two equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $68.92.

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.