Envestnet Portfolio Solutions Inc. Sells 593 Shares of Bio-Techne Corp $TECH

Envestnet Portfolio Solutions Inc. cut its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,931 shares of the biotechnology company’s stock after selling 593 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Bio-Techne were worth $1,540,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. AlphaQuest LLC acquired a new stake in shares of Bio-Techne in the first quarter valued at approximately $34,000. Federated Hermes Inc. acquired a new position in Bio-Techne in the 1st quarter valued at $41,000. Caitong International Asset Management Co. Ltd raised its holdings in Bio-Techne by 1,239.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock valued at $54,000 after acquiring an additional 855 shares in the last quarter. Horizon Financial Services LLC acquired a new position in Bio-Techne in the 1st quarter valued at $69,000. Finally, Mather Group LLC. increased its stake in shares of Bio-Techne by 78.4% in the 1st quarter. Mather Group LLC. now owns 1,215 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 534 shares during the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Cowen reiterated a “buy” rating on shares of Bio-Techne in a research note on Tuesday. Scotiabank reduced their price target on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 11th. TD Cowen boosted their price objective on Bio-Techne from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday. Evercore ISI upped their price target on Bio-Techne from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Finally, Royal Bank Of Canada raised Bio-Techne from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bio-Techne currently has an average rating of “Moderate Buy” and an average price target of $70.58.

Bio-Techne Stock Performance

Shares of TECH opened at $61.86 on Friday. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average of $55.31 and a 200 day moving average of $52.61. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.80. The company has a market capitalization of $9.63 billion, a price-to-earnings ratio of 134.48, a PEG ratio of 3.93 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The business had revenue of $316.96 million during the quarter, compared to the consensus estimate of $315.14 million. During the same period last year, the business posted $0.49 earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given a $0.08 dividend. The ex-dividend date was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Bio-Techne’s payout ratio is 69.57%.

Bio-Techne Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.