MBB Public Markets I LLC Acquires New Position in Bio-Techne Corp $TECH

MBB Public Markets I LLC acquired a new stake in Bio-Techne Corp (NASDAQ:TECH) during the first quarter, Holdings Channel reports. The firm acquired 5,216 shares of the biotechnology company’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional bought a new stake in Bio-Techne in the 1st quarter valued at about $27,000. AlphaQuest LLC bought a new stake in shares of Bio-Techne during the first quarter valued at about $34,000. Federated Hermes Inc. bought a new stake in shares of Bio-Techne during the first quarter valued at about $41,000. Caitong International Asset Management Co. Ltd increased its position in shares of Bio-Techne by 1,239.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock valued at $54,000 after buying an additional 855 shares during the period. Finally, Horizon Financial Services LLC bought a new stake in shares of Bio-Techne during the first quarter valued at about $69,000. 98.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TECH. Citigroup upgraded Bio-Techne from a “neutral” rating to a “buy” rating and upped their price target for the company 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 research report on Wednesday, September 3rd. Wall Street Zen cut Bio-Techne from a “buy” rating to a “hold” rating in a research report on Sunday, June 8th. Wells Fargo & Company assumed coverage on Bio-Techne in a research report on Friday, May 30th. They set an “overweight” rating and a $59.00 price target on the stock. Finally, TD Cowen assumed coverage on Bio-Techne in a report on Wednesday, July 9th. They set a “buy” rating and a $65.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.42.

Bio-Techne Stock Down 6.0%

Shares of NASDAQ TECH opened at $50.96 on Thursday. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.95. 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 firm has a market capitalization of $7.99 billion, a price-to-earnings ratio of 110.79, a PEG ratio of 3.46 and a beta of 1.47. The business has a 50-day moving average of $53.95 and a 200-day moving average of $53.54.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. The company had revenue of $316.96 million during 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%.Bio-Techne’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.49 earnings per share. Sell-side analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were paid a $0.08 dividend. 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 dividend payout ratio is currently 69.57%.

Bio-Techne 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.