Bio-Techne Corp $TECH Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp reduced its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 7.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 293,165 shares of the biotechnology company’s stock after selling 24,033 shares during the quarter. Van ECK Associates Corp’s holdings in Bio-Techne were worth $20,712,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Bio-Techne in the second quarter worth $990,924,000. Wellington Management Group LLP boosted its stake in Bio-Techne by 349.8% during the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after acquiring an additional 3,978,026 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. grew its holdings in Bio-Techne by 131.4% during the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock worth $177,266,000 after acquiring an additional 1,926,066 shares in the last quarter. Norges Bank acquired a new position in Bio-Techne during the 4th quarter worth $99,494,000. Finally, Durable Capital Partners LP bought a new stake in shares of Bio-Techne in the 3rd quarter worth about $77,658,000. Institutional investors and hedge funds own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TECH shares. 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. William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Robert W. Baird boosted their price objective on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Stifel Nicolaus set a $50.00 price objective on Bio-Techne in a research note on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a report on Friday, June 26th. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Price Performance

Shares of NASDAQ:TECH opened at $72.35 on Monday. The stock has a market capitalization of $11.35 billion, a price-to-earnings ratio of 62.91, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The company’s fifty day moving average is $70.86 and its two-hundred day moving average is $59.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55.

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

Bio-Techne Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be issued a $0.65 dividend. 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 yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne’s dividend payout ratio is 27.83%.

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.