Bio-Techne Co. (NASDAQ:TECH) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in Bio-Techne Co. (NASDAQ:TECHGet Rating) by 9.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,250 shares of the biotechnology company’s stock after selling 5,410 shares during the period. Envestnet Asset Management Inc. owned 0.14% of Bio-Techne worth $23,059,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Redpoint Investment Management Pty Ltd raised its holdings in shares of Bio-Techne by 42.9% in the 1st quarter. Redpoint Investment Management Pty Ltd now owns 950 shares of the biotechnology company’s stock worth $411,000 after purchasing an additional 285 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Bio-Techne by 24.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 4,289 shares of the biotechnology company’s stock worth $2,121,000 after purchasing an additional 831 shares in the last quarter. Conning Inc. bought a new stake in shares of Bio-Techne in the 1st quarter worth approximately $205,000. Ascent Group LLC bought a new stake in shares of Bio-Techne in the 4th quarter worth approximately $234,000. Finally, Invesco Ltd. raised its holdings in shares of Bio-Techne by 8.2% in the 4th quarter. Invesco Ltd. now owns 489,904 shares of the biotechnology company’s stock worth $253,447,000 after purchasing an additional 37,150 shares in the last quarter. 94.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Bio-Techne

In other Bio-Techne news, Director John L. Higgins sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 7th. The shares were sold at an average price of $364.31, for a total value of $364,310.00. Following the transaction, the director now owns 4,606 shares in the company, valued at approximately $1,678,011.86. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director John L. Higgins sold 1,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $364.31, for a total value of $364,310.00. Following the completion of the sale, the director now directly owns 4,606 shares in the company, valued at $1,678,011.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles R. Kummeth sold 5,104 shares of the firm’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $365.00, for a total value 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 disclosure for this sale can be found here. Company insiders own 4.10% of the company’s stock.

Bio-Techne Stock Up 1.0 %

TECH stock opened at $387.01 on Wednesday. Bio-Techne Co. has a 52-week low of $318.07 and a 52-week high of $543.85. The company’s 50 day simple moving average is $355.79 and its 200-day simple moving average is $386.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.56 and a quick ratio of 2.79. The firm has a market capitalization of $15.18 billion, a P/E ratio of 70.62, a P/E/G ratio of 1.77 and a beta of 1.22.

Bio-Techne (NASDAQ:TECHGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The biotechnology company reported $1.96 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.21. The firm had revenue of $290.40 million for the quarter, compared to analyst estimates of $279.27 million. Bio-Techne had a net margin of 20.95% and a return on equity of 16.82%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.61 EPS. As a group, equities research analysts anticipate that Bio-Techne Co. will post 7.08 EPS for the current year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 27th. Shareholders of record on Monday, May 16th were paid a $0.32 dividend. The ex-dividend date of this dividend was Friday, May 13th. This represents a $1.28 annualized dividend and a yield of 0.33%. Bio-Techne’s dividend payout ratio is presently 23.36%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Wells Fargo & Company downgraded shares of Bio-Techne from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $400.00 to $370.00 in a report on Monday, April 25th. Robert W. Baird cut their price target on shares of Bio-Techne from $520.00 to $500.00 in a report on Thursday, May 5th. Finally, KeyCorp cut their price target on shares of Bio-Techne from $600.00 to $500.00 in a report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $504.17.

About Bio-Techne

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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.

Further Reading

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Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

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