Moore Capital Management LP Acquires New Shares in Bio-Techne Corp $TECH

Moore Capital Management LP acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 125,626 shares of the biotechnology company’s stock, valued at approximately $8,875,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Bio-Techne in the second quarter valued at about $990,924,000. Wellington Management Group LLP grew its holdings in shares of Bio-Techne by 349.8% during the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after purchasing an additional 3,978,026 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. grew its holdings in shares of Bio-Techne by 131.4% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock worth $177,266,000 after purchasing an additional 1,926,066 shares during the last quarter. Norges Bank acquired a new position in shares of Bio-Techne in the fourth quarter valued at approximately $99,494,000. Finally, Durable Capital Partners LP acquired a new position in shares of Bio-Techne in the third quarter valued at approximately $77,658,000. Institutional investors and hedge funds own 98.95% of the company’s stock.

Analyst Upgrades and Downgrades

TECH has been the topic of several recent research reports. Royal Bank Of Canada downgraded shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft cut shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research report on Friday, June 26th. Piper Sandler began coverage on shares of Bio-Techne in a report on Thursday, June 11th. They set a “neutral” rating and a $65.00 price target on the stock. Benchmark reissued a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Finally, Stephens set a $73.00 price objective on Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the stock. According to MarketBeat.com, Bio-Techne presently has a consensus rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.35 on Monday. The stock’s 50 day moving average is $70.86 and its 200 day moving average is $59.71. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.62. The firm has a market cap of $11.35 billion, a P/E ratio of 62.91, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, research analysts expect that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s payout ratio is currently 27.83%.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.