Bio-Techne Corp $TECH Shares Sold by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. lowered its holdings in Bio-Techne Corp (NASDAQ:TECH) by 54.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,712 shares of the biotechnology company’s stock after selling 13,888 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Bio-Techne were worth $687,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. CX Institutional purchased a new position in shares of Bio-Techne in the first quarter valued at $27,000. AlphaQuest LLC purchased a new position in shares of Bio-Techne in the first quarter valued at $34,000. Federated Hermes Inc. purchased a new stake in Bio-Techne during the 1st quarter worth about $41,000. Caitong International Asset Management Co. Ltd increased its position in Bio-Techne by 1,239.1% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock worth $54,000 after purchasing an additional 855 shares in the last quarter. Finally, Horizon Financial Services LLC purchased a new stake in Bio-Techne during the 1st quarter worth about $69,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

TECH has been the subject of a number of recent research reports. Citigroup upgraded Bio-Techne from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $55.00 to $70.00 in a research report on Thursday, August 21st. Royal Bank Of Canada upgraded Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday. Scotiabank lowered their price target on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a report on Friday, July 11th. Benchmark restated a “buy” rating and issued a $75.00 price target on shares of Bio-Techne in a report on Thursday, June 5th. Finally, TD Cowen began coverage on Bio-Techne in a report on Wednesday, July 9th. They issued a “buy” rating and a $65.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.42.

Bio-Techne Stock Performance

NASDAQ TECH opened at $54.41 on Friday. The firm has a market capitalization of $8.53 billion, a P/E ratio of 118.29, a P/E/G ratio of 3.47 and a beta of 1.47. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.95. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The business’s 50-day simple moving average is $53.90 and its 200-day simple moving average is $53.71.

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

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a yield of 0.6%. 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.