Nordea Investment Management AB Purchases 7,582 Shares of Bio-Techne Corp $TECH

Nordea Investment Management AB lifted its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 20.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 43,864 shares of the biotechnology company’s stock after purchasing an additional 7,582 shares during the period. Nordea Investment Management AB’s holdings in Bio-Techne were worth $2,268,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. AlphaQuest LLC acquired a new position in Bio-Techne during the 1st quarter worth about $34,000. Federated Hermes Inc. bought a new position in shares of Bio-Techne in the first quarter worth about $41,000. Caitong International Asset Management Co. Ltd lifted 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 worth $54,000 after purchasing an additional 855 shares in the last quarter. Horizon Financial Services LLC bought a new stake in shares of Bio-Techne during the first quarter valued at approximately $69,000. Finally, Mather Group LLC. increased its holdings in shares of Bio-Techne by 78.4% in the first quarter. Mather Group LLC. now owns 1,215 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 534 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TECH. Royal Bank Of Canada raised Bio-Techne from a “hold” rating to a “moderate buy” rating in a report on Wednesday, September 3rd. Stephens raised Bio-Techne to a “strong-buy” rating and set a $65.00 price target on the stock in a research note on Tuesday, July 22nd. Cowen reiterated a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. Zacks Research raised Bio-Techne from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, Citigroup upgraded shares of Bio-Techne from a “neutral” rating to a “buy” rating and upped their target price for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Bio-Techne presently has an average rating of “Moderate Buy” and an average price target of $70.58.

Bio-Techne Trading Up 0.5%

NASDAQ:TECH opened at $63.79 on Thursday. The company has a current ratio of 3.46, a quick ratio of 2.38 and a debt-to-equity ratio of 0.18. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.80. The firm has a market capitalization of $9.93 billion, a price-to-earnings ratio of 138.68, a PEG ratio of 3.71 and a beta of 1.48. The business’s 50-day moving average price is $55.95 and its two-hundred day moving average price is $52.78.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. The company had revenue of $316.96 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted $0.49 EPS. On average, equities analysts expect that Bio-Techne Corp will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Bio-Techne’s payout ratio is 69.57%.

About Bio-Techne

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.