US Bancorp DE cut its stake in BIO-TECHNE Corp (NASDAQ:TECH) by 1.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,756 shares of the biotechnology company’s stock after selling 858 shares during the period. US Bancorp DE’s holdings in BIO-TECHNE were worth $10,972,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System grew its position in BIO-TECHNE by 2.8% in the third quarter. State Board of Administration of Florida Retirement System now owns 51,725 shares of the biotechnology company’s stock worth $10,558,000 after acquiring an additional 1,395 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in BIO-TECHNE in the third quarter worth $192,000. Arizona State Retirement System lifted its stake in BIO-TECHNE by 2.7% in the third quarter. Arizona State Retirement System now owns 26,791 shares of the biotechnology company’s stock worth $5,468,000 after purchasing an additional 704 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in BIO-TECHNE in the third quarter worth $13,827,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in BIO-TECHNE by 13.2% in the third quarter. Oppenheimer Asset Management Inc. now owns 17,682 shares of the biotechnology company’s stock worth $3,609,000 after purchasing an additional 2,061 shares during the last quarter. Institutional investors own 94.72% of the company’s stock.
Several analysts have weighed in on TECH shares. BidaskClub raised shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 28th. Zacks Investment Research downgraded shares of BIO-TECHNE from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Craig Hallum boosted their price target on shares of BIO-TECHNE from $160.00 to $215.00 and gave the stock a “buy” rating in a research note on Wednesday, August 8th. Goldman Sachs Group started coverage on shares of BIO-TECHNE in a research note on Wednesday, October 17th. They issued a “neutral” rating and a $190.00 price target for the company. Finally, Citigroup boosted their price target on shares of BIO-TECHNE from $160.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. BIO-TECHNE has a consensus rating of “Buy” and an average price target of $184.13.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.03. The business had revenue of $163.00 million during the quarter, compared to the consensus estimate of $162.34 million. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.90 earnings per share. On average, equities analysts anticipate that BIO-TECHNE Corp will post 3.79 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Friday, November 9th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.74%. The ex-dividend date is Thursday, November 8th. BIO-TECHNE’s dividend payout ratio (DPR) is 31.45%.
In other news, Director John L. Higgins sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the transaction, the director now directly owns 13,012 shares of the company’s stock, valued at $2,445,215.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company’s stock.
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Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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