New Mexico Educational Retirement Board trimmed its stake in Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,300 shares of the biotechnology company’s stock after selling 100 shares during the period. New Mexico Educational Retirement Board’s holdings in Bio-Techne were worth $996,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Norges Bank acquired a new stake in Bio-Techne in the 4th quarter valued at approximately $190,000,000. Marshall Wace LLP grew its holdings in shares of Bio-Techne by 151.9% during the 4th quarter. Marshall Wace LLP now owns 580,835 shares of the biotechnology company’s stock worth $300,491,000 after purchasing an additional 350,215 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Bio-Techne during the 4th quarter worth approximately $126,684,000. State Street Corp grew its holdings in shares of Bio-Techne by 4.8% during the 4th quarter. State Street Corp now owns 1,608,213 shares of the biotechnology company’s stock worth $831,993,000 after purchasing an additional 73,760 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Bio-Techne by 64.0% during the 4th quarter. Bank of America Corp DE now owns 142,287 shares of the biotechnology company’s stock worth $73,610,000 after purchasing an additional 55,522 shares in the last quarter. 94.36% of the stock is currently owned by institutional investors and hedge funds.
TECH has been the topic of several recent research reports. Robert W. Baird decreased their price objective on Bio-Techne from $520.00 to $500.00 in a report on Thursday, May 5th. Wells Fargo & Company lowered Bio-Techne from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $400.00 to $370.00 in a report on Monday, April 25th. StockNews.com began coverage on Bio-Techne in a report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, KeyCorp decreased their price target on Bio-Techne from $600.00 to $500.00 in a research note on Thursday, May 5th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $504.17.
Bio-Techne (NASDAQ:TECH – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The biotechnology company reported $1.96 EPS for the quarter, beating the consensus estimate of $1.75 by $0.21. Bio-Techne had a return on equity of 16.82% and a net margin of 20.95%. The business had revenue of $290.40 million for the quarter, compared to analyst estimates of $279.27 million. During the same quarter in the previous year, the firm earned $1.61 EPS. Bio-Techne’s quarterly revenue was up 19.2% on a year-over-year basis. On average, research analysts anticipate that Bio-Techne Co. will post 7.1 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Monday, May 16th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, May 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.39%. Bio-Techne’s payout ratio is currently 23.36%.
In other news, CEO Charles R. Kummeth sold 5,104 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $365.00, for a total transaction of $1,862,960.00. Following the transaction, the chief executive officer now owns 198,338 shares in the company, valued at $72,393,370. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert V. Baumgartner bought 300 shares of the stock in a transaction dated Tuesday, May 10th. The shares were purchased at an average price of $352.55 per share, for a total transaction of $105,765.00. Following the purchase, the director now owns 10,106 shares of the company’s stock, valued at approximately $3,562,870.30. The disclosure for this purchase can be found here. 4.10% of the stock is owned by insiders.
About Bio-Techne (Get Rating)
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.
- Get a free copy of the StockNews.com research report on Bio-Techne (TECH)
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