Pentwater Capital Management LP Takes Position in Bio-Techne Corp $TECH

Pentwater Capital Management LP purchased a new position in shares of Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 500,000 shares of the biotechnology company’s stock, valued at approximately $35,325,000. Pentwater Capital Management LP owned about 0.32% of Bio-Techne at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Bio-Techne in the second quarter valued at approximately $990,924,000. Morgan Stanley boosted its position in shares of Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after buying an additional 1,107,536 shares during the period. State Street Corp raised its position in Bio-Techne by 1.0% in the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock valued at $341,806,000 after buying an additional 58,639 shares during the last quarter. Wellington Management Group LLP boosted its position in Bio-Techne by 12.1% during the 4th quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock worth $337,219,000 after acquiring an additional 618,916 shares during the last quarter. Finally, Maverick Capital Ltd. raised its holdings in shares of Bio-Techne by 23.1% in the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock valued at $247,698,000 after purchasing an additional 888,798 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft cut 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. Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Zacks Research lowered Bio-Techne from a “hold” rating to a “strong sell” rating in a report on Monday, June 8th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and raised their target price for the stock from $62.00 to $73.00 in a research note on Thursday, July 9th. Finally, Piper Sandler assumed coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective for the company. Two research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $68.92.

Bio-Techne Trading Up 0.1%

Shares of TECH opened at $72.38 on Thursday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.62. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 62.94, a PEG ratio of 8.62 and a beta of 1.28. The business’s fifty day moving average is $70.28 and its 200-day moving average is $59.63.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. During the same quarter in the previous year, the company posted $0.53 EPS. Bio-Techne’s quarterly revenue was up 1.3% compared to the same quarter last year. Equities analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be issued a $0.65 dividend. The ex-dividend date is Monday, August 24th. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne’s dividend payout ratio (DPR) is currently 27.83%.

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.