Cramer Rosenthal Mcglynn LLC boosted its holdings in shares of Bio-Techne Corp (NASDAQ:TECH – Free Report) by 16.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 563,730 shares of the biotechnology company’s stock after purchasing an additional 78,213 shares during the period. Bio-Techne comprises 2.4% of Cramer Rosenthal Mcglynn LLC’s portfolio, making the stock its 7th biggest holding. Cramer Rosenthal Mcglynn LLC owned about 0.36% of Bio-Techne worth $33,051,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. CX Institutional acquired a new position in shares of Bio-Techne during the first quarter worth approximately $27,000. Itau Unibanco Holding S.A. bought a new stake in Bio-Techne in the fourth quarter valued at approximately $41,000. AlphaQuest LLC bought a new position in Bio-Techne during the first quarter worth about $34,000. GeoWealth Management LLC bought a new stake in Bio-Techne during the 4th quarter worth approximately $43,000. Finally, Federated Hermes Inc. bought a new stake in Bio-Techne in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 98.95% of the company’s stock.
Bio-Techne Price Performance
Shares of NASDAQ:TECH opened at $57.09 on Monday. 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 stock’s fifty day simple moving average is $53.10 and its two-hundred day simple moving average is $54.51. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.95. The stock has a market cap of $8.95 billion, a PE ratio of 124.11, a price-to-earnings-growth ratio of 3.64 and a beta of 1.40.
Bio-Techne announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the biotechnology company to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
Bio-Techne Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be paid a $0.08 dividend. The ex-dividend date of this dividend is 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%.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on TECH shares. Royal Bank Of Canada decreased their price objective on Bio-Techne from $63.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Stifel Nicolaus decreased their target price on Bio-Techne from $75.00 to $60.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Stephens raised shares of Bio-Techne to a “strong-buy” rating and set a $65.00 price objective for the company in a report on Tuesday, July 22nd. TD Cowen initiated coverage on shares of Bio-Techne in a research report on Wednesday, July 9th. They set a “buy” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company started coverage on Bio-Techne in a report on Friday, May 30th. They set an “overweight” rating and a $59.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bio-Techne presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.42.
Check Out Our Latest Analysis on Bio-Techne
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.
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