24,337 Shares in Bio-Techne Corp $TECH Purchased by Machina Capital S.A.S.

Machina Capital S.A.S. purchased a new stake in Bio-Techne Corp (NASDAQ:TECH) during the third quarter, HoldingsChannel reports. The firm purchased 24,337 shares of the biotechnology company’s stock, valued at approximately $1,764,000.

Several other hedge funds have also added to or reduced their stakes in TECH. BlackRock Inc. bought a new position in Bio-Techne during the second quarter worth $990,924,000. HBK Investments L P bought a new position in shares of Bio-Techne in the second quarter valued at about $482,186,000. Ruane Cunniff & Goldfarb L.P. raised its position in shares of Bio-Techne by 131.4% in the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock valued at $177,266,000 after purchasing an additional 1,926,066 shares during the period. Amundi boosted its holdings in shares of Bio-Techne by 2,426.8% during the 2nd quarter. Amundi now owns 1,827,241 shares of the biotechnology company’s stock worth $129,095,000 after buying an additional 1,754,926 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in Bio-Techne in the 2nd quarter valued at about $90,305,000. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of NASDAQ:TECH opened at $72.84 on Friday. The business’s 50 day simple moving average is $72.53 and its 200 day simple moving average is $63.46. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.88. The company has a market capitalization of $11.44 billion, a P/E ratio of 63.34, a P/E/G ratio of 5.28 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Monday, November 9th. The biotechnology company reported $0.44 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.44. The firm had revenue of $299.71 million during the quarter, compared to the consensus estimate of $292.60 million. Bio-Techne had a return on equity of 11.56% and a net margin of 14.00%. On average, sell-side analysts anticipate that Bio-Techne Corp will post 1.75 EPS for the current fiscal year.

Bio-Techne Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Friday, November 13th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. This is a drop from Bio-Techne’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Friday, November 13th. Bio-Techne’s payout ratio is presently 27.83%.

Analysts Set New Price Targets

Several research analysts have weighed in on TECH shares. Benchmark reissued a “hold” rating on shares of Bio-Techne in a report on Wednesday, August 19th. Weiss Ratings upgraded Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Zacks Research raised Bio-Techne from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 29th. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $62.00 to $73.00 in a research note on Thursday, August 13th. Finally, Argus lowered Bio-Techne from a “strong-buy” rating to a “strong sell” rating in a report on Monday, October 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $68.92.

Bio-Techne Profile

Bio-Techne is a life sciences company that develops and supplies products and services used in biological research, drug development, and clinical diagnostics. Its offerings include proteins, antibodies, immunoassays, and small molecules, as well as instruments and analytical tools for studying cells and biological processes. The company also provides technologies for protein analysis, molecular diagnostics, and spatial biology. Its portfolio includes products and services associated with brands such as R&D Systems, Tocris, ProteinSimple, and Advanced Cell Diagnostics.