Teachers Retirement System of The State of Kentucky increased its stake in Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 82.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,374 shares of the biotechnology company’s stock after purchasing an additional 3,339 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Bio-Techne were worth $3,193,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Bio-Techne by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 4,445,265 shares of the biotechnology company’s stock worth $1,924,978,000 after purchasing an additional 18,627 shares in the last quarter. BlackRock Inc. increased its stake in Bio-Techne by 1.7% in the 1st quarter. BlackRock Inc. now owns 4,403,779 shares of the biotechnology company’s stock worth $1,907,014,000 after purchasing an additional 75,480 shares in the last quarter. State Street Corp increased its stake in Bio-Techne by 4.8% in 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. Geode Capital Management LLC increased its stake in Bio-Techne by 4.2% in the 4th quarter. Geode Capital Management LLC now owns 762,953 shares of the biotechnology company’s stock worth $393,692,000 after purchasing an additional 30,699 shares in the last quarter. Finally, Winslow Capital Management LLC increased its stake in Bio-Techne by 16.3% in the 1st quarter. Winslow Capital Management LLC now owns 734,215 shares of the biotechnology company’s stock worth $317,944,000 after purchasing an additional 103,172 shares in the last quarter. Hedge funds and other institutional investors own 94.35% of the company’s stock.
Insider Buying and Selling
In related news, Director John L. Higgins sold 1,992 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $377.11, for a total value of $751,203.12. Following the completion of the sale, the director now directly owns 6,014 shares in the company, valued at approximately $2,267,939.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.45% of the company’s stock.
Bio-Techne Trading Down 1.2 %
Bio-Techne (NASDAQ:TECH – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The biotechnology company reported $2.05 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.03). Bio-Techne had a net margin of 24.61% and a return on equity of 16.97%. The firm had revenue of $288.30 million during the quarter, compared to the consensus estimate of $287.04 million. During the same period in the previous year, the firm posted $1.67 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, research analysts predict that Bio-Techne Co. will post 7.73 earnings per share for the current fiscal year.
Bio-Techne Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, August 29th. Investors of record on Monday, August 15th were issued a $0.32 dividend. The ex-dividend date was Friday, August 12th. This represents a $1.28 annualized dividend and a yield of 0.42%. Bio-Techne’s dividend payout ratio (DPR) is currently 19.34%.
Analysts Set New Price Targets
Several research firms have weighed in on TECH. Stephens lowered their target price on Bio-Techne from $500.00 to $480.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th. Credit Suisse Group began coverage on Bio-Techne in a research note on Wednesday, August 24th. They set an “outperform” rating and a $465.00 target price on the stock. Wells Fargo & Company lowered their target price on Bio-Techne from $370.00 to $360.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 16th. StockNews.com raised Bio-Techne from a “hold” rating to a “buy” rating in a research note on Friday, September 9th. Finally, Robert W. Baird lowered their target price on Bio-Techne from $500.00 to $470.00 in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $475.00.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures 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.
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