Oppenheimer Asset Management Inc. Sells 2,683 Shares of Bio-Techne Corp $TECH

Oppenheimer Asset Management Inc. lowered its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 4.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 64,483 shares of the biotechnology company’s stock after selling 2,683 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Bio-Techne were worth $3,318,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of TECH. Smartleaf Asset Management LLC increased its position in Bio-Techne by 5.1% during the first quarter. Smartleaf Asset Management LLC now owns 4,300 shares of the biotechnology company’s stock valued at $253,000 after acquiring an additional 210 shares during the last quarter. Amalgamated Bank grew its holdings in Bio-Techne by 0.7% during the 1st quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company’s stock valued at $1,797,000 after purchasing an additional 222 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Bio-Techne by 0.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,005 shares of the biotechnology company’s stock worth $1,994,000 after purchasing an additional 249 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in Bio-Techne by 1.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 18,187 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 261 shares during the last quarter. Finally, NorthRock Partners LLC boosted its position in shares of Bio-Techne by 4.2% during the first quarter. NorthRock Partners LLC now owns 6,936 shares of the biotechnology company’s stock valued at $407,000 after buying an additional 277 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Price Performance

Shares of TECH stock opened at $63.94 on Wednesday. The stock’s 50-day moving average is $56.84 and its 200 day moving average is $53.19. Bio-Techne Corp has a 1-year low of $46.01 and a 1-year high of $80.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The company has a market cap of $9.95 billion, a P/E ratio of 139.00, a PEG ratio of 3.76 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.50 by $0.03. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The business had revenue of $316.96 million during the quarter, compared to analyst estimates of $315.14 million. During the same period in the prior year, the firm posted $0.49 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TECH shares. Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and raised their price target for the stock from $55.00 to $70.00 in a research note on Thursday, August 21st. Scotiabank decreased their target price on Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a research report on Friday, July 11th. Cowen reissued a “buy” rating on shares of Bio-Techne in a research note on Tuesday, October 14th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, October 8th. Finally, TD Cowen boosted their price objective on shares of Bio-Techne from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Bio-Techne currently has a consensus rating of “Moderate Buy” and an average target price of $70.58.

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.