State of New Jersey Common Pension Fund D Grows Stock Holdings in Bio-Techne Corp $TECH

State of New Jersey Common Pension Fund D lifted its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 1.6% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,511 shares of the biotechnology company’s stock after buying an additional 844 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Bio-Techne were worth $2,702,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Sage Mountain Advisors LLC purchased a new position in shares of Bio-Techne during the 2nd quarter valued at $230,000. AlphaQuest LLC lifted its stake in shares of Bio-Techne by 392.5% during the 2nd quarter. AlphaQuest LLC now owns 2,822 shares of the biotechnology company’s stock valued at $145,000 after buying an additional 2,249 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Bio-Techne by 15.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,349,712 shares of the biotechnology company’s stock valued at $120,893,000 after buying an additional 319,177 shares in the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych lifted its stake in shares of Bio-Techne by 27.3% during the 2nd quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 28,000 shares of the biotechnology company’s stock valued at $1,441,000 after buying an additional 6,000 shares in the last quarter. Finally, Stephens Investment Management Group LLC lifted its stake in shares of Bio-Techne by 3.4% during the 2nd quarter. Stephens Investment Management Group LLC now owns 845,523 shares of the biotechnology company’s stock valued at $43,502,000 after buying an additional 27,722 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on TECH shares. TD Cowen boosted their price target on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Scotiabank decreased their price target on shares of Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 11th. Evercore ISI boosted their price target on shares of Bio-Techne from $60.00 to $72.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada upgraded shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.58.

Bio-Techne Stock Performance

Bio-Techne stock opened at $63.94 on Wednesday. The company’s 50-day moving average price is $56.84 and its 200-day moving average price is $53.19. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $80.80. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The company has a market cap of $9.95 billion, a PE ratio of 139.00, a price-to-earnings-growth ratio of 3.76 and a beta of 1.48.

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

Bio-Techne Announces Dividend

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

About Bio-Techne

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.