Eversept Partners LP Trims Stake in Bio-Techne Corp $TECH

Eversept Partners LP reduced its stake in Bio-Techne Corp (NASDAQ:TECH) by 66.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 125,896 shares of the biotechnology company’s stock after selling 251,509 shares during the quarter. Eversept Partners LP owned approximately 0.08% of Bio-Techne worth $6,579,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Impax Asset Management Group plc bought a new position in shares of Bio-Techne during the 4th quarter valued at approximately $11,468,000. Border to Coast Pensions Partnership Ltd bought a new position in shares of Bio-Techne in the fourth quarter worth approximately $15,023,000. Comerica Bank boosted its position in shares of Bio-Techne by 56.4% in the fourth quarter. Comerica Bank now owns 105,481 shares of the biotechnology company’s stock worth $6,203,000 after purchasing an additional 38,031 shares during the period. Nicholas Company Inc. increased its stake in shares of Bio-Techne by 6.5% in the fourth quarter. Nicholas Company Inc. now owns 390,794 shares of the biotechnology company’s stock worth $22,983,000 after purchasing an additional 23,785 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Bio-Techne by 316.7% in the fourth quarter. Principal Financial Group Inc. now owns 703,477 shares of the biotechnology company’s stock worth $41,373,000 after purchasing an additional 534,676 shares in the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TECH has been the topic of a number of analyst reports. Benchmark downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating in a report on Tuesday, June 30th. Robert W. Baird boosted their price objective on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Wells Fargo & Company lowered their price objective on Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada cut Bio-Techne from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Finally, Evercore downgraded Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Bio-Techne currently has a consensus rating of “Hold” and an average price target of $68.08.

Bio-Techne Trading Up 0.0%

Shares of TECH opened at $71.62 on Tuesday. The company’s fifty day moving average is $61.03 and its 200 day moving average is $58.84. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.16. The stock has a market capitalization of $11.21 billion, a PE ratio of 103.80, a P/E/G ratio of 8.53 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. During the same quarter last year, the business earned $0.56 EPS. Bio-Techne’s revenue for the quarter was down 1.5% compared to the same quarter last year. Sell-side analysts expect that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a $0.08 dividend. The ex-dividend date was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. Bio-Techne’s payout ratio is 46.38%.

About Bio-Techne

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.