Oppenheimer Asset Management Inc. reduced its stake in Bio-Techne Corp (NASDAQ:TECH) by 5.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,728 shares of the biotechnology company’s stock after selling 643 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Bio-Techne Corp were worth $1,378,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in TECH. BlackRock Inc. raised its stake in shares of Bio-Techne Corp by 14,548.6% in the first quarter. BlackRock Inc. now owns 3,500,436 shares of the biotechnology company’s stock valued at $355,820,000 after acquiring an additional 3,476,540 shares in the last quarter. American Century Companies Inc. raised its stake in Bio-Techne Corp by 174.8% in the second quarter. American Century Companies Inc. now owns 731,589 shares of the biotechnology company’s stock valued at $85,962,000 after buying an additional 465,398 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Bio-Techne Corp by 18.4% in the first quarter. Neuberger Berman Group LLC now owns 1,900,495 shares of the biotechnology company’s stock valued at $193,185,000 after buying an additional 295,802 shares in the last quarter. SG Capital Management LLC acquired a new stake in Bio-Techne Corp in the second quarter valued at $24,094,000. Finally, Vanguard Group Inc. raised its stake in Bio-Techne Corp by 4.7% in the first quarter. Vanguard Group Inc. now owns 3,005,690 shares of the biotechnology company’s stock valued at $305,528,000 after buying an additional 134,138 shares in the last quarter. Institutional investors and hedge funds own 98.77% of the company’s stock.
In related news, Director Karen A. Holbrook sold 1,059 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $121.73, for a total transaction of $128,912.07. Following the completion of the transaction, the director now owns 914 shares in the company, valued at $111,261.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have sold 1,359 shares of company stock valued at $164,122. Corporate insiders own 2.70% of the company’s stock.
A number of analysts have weighed in on TECH shares. Deutsche Bank AG raised their price target on Bio-Techne Corp from $130.00 to $132.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a report on Thursday, July 6th. BidaskClub raised Bio-Techne Corp from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Finally, Wells Fargo & Company assumed coverage on Bio-Techne Corp in a report on Thursday, July 13th. They set a “market perform” rating on the stock. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Bio-Techne Corp currently has an average rating of “Buy” and an average price target of $127.50.
Shares of Bio-Techne Corp (NASDAQ:TECH) traded down 1.19% during midday trading on Friday, reaching $121.58. The company’s stock had a trading volume of 220,734 shares. The stock has a 50 day moving average of $118.96 and a 200-day moving average of $111.92. The company has a market capitalization of $4.54 billion, a P/E ratio of 59.89 and a beta of 0.78. Bio-Techne Corp has a 1-year low of $95.68 and a 1-year high of $124.00.
Bio-Techne Corp (NASDAQ:TECH) last issued its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. The firm had revenue of $156.60 million during the quarter, compared to analysts’ expectations of $150.25 million. Bio-Techne Corp had a net margin of 12.93% and a return on equity of 14.19%. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.92 earnings per share. On average, equities research analysts anticipate that Bio-Techne Corp will post $3.99 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Wednesday, August 16th. Bio-Techne Corp’s dividend payout ratio is currently 65.98%.
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Bio-Techne Corp Profile
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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