State of Alaska Department of Revenue Decreases Stock Holdings in Bio-Techne Co. (NASDAQ:TECH)

State of Alaska Department of Revenue trimmed its holdings in shares of Bio-Techne Co. (NASDAQ:TECHGet Rating) by 43.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,042 shares of the biotechnology company’s stock after selling 6,993 shares during the quarter. State of Alaska Department of Revenue’s holdings in Bio-Techne were worth $3,133,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TECH. Tcwp LLC purchased a new stake in shares of Bio-Techne during the first quarter valued at approximately $25,000. Castleview Partners LLC purchased a new stake in Bio-Techne in the fourth quarter worth $36,000. Aaron Wealth Advisors LLC purchased a new stake in Bio-Techne in the first quarter worth $42,000. Ellevest Inc. increased its position in Bio-Techne by 56.5% in the first quarter. Ellevest Inc. now owns 108 shares of the biotechnology company’s stock worth $47,000 after buying an additional 39 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Bio-Techne in the first quarter worth $56,000. 94.35% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

NASDAQ:TECH opened at $290.22 on Friday. The firm has a market capitalization of $11.38 billion, a price-to-earnings ratio of 43.84, a P/E/G ratio of 1.62 and a beta of 1.25. Bio-Techne Co. has a 52-week low of $287.90 and a 52-week high of $543.85. The stock has a fifty day moving average of $350.11 and a 200 day moving average of $371.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.64 and a current ratio of 3.44.

Bio-Techne (NASDAQ:TECHGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The biotechnology company reported $2.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.03). The business had revenue of $288.30 million for the quarter, compared to the consensus estimate of $287.04 million. Bio-Techne had a net margin of 24.61% and a return on equity of 16.97%. Bio-Techne’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 EPS. On average, research analysts expect that Bio-Techne Co. will post 7.73 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 29th. Investors of record on Monday, August 15th were paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.44%. The ex-dividend date was Friday, August 12th. Bio-Techne’s dividend payout ratio is 19.34%.

Insider Activity at Bio-Techne

In other Bio-Techne news, Director John L. Higgins sold 1,992 shares of Bio-Techne stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $377.11, for a total transaction of $751,203.12. Following the completion of the sale, the director now owns 6,014 shares of the company’s stock, valued at $2,267,939.54. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.45% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TECH shares. StockNews.com raised Bio-Techne from a “hold” rating to a “buy” rating in a research report on Friday, September 9th. Stephens decreased their target price on Bio-Techne from $500.00 to $480.00 and set an “overweight” rating for the company in a research report on Friday, August 5th. Robert W. Baird decreased their target price on Bio-Techne from $500.00 to $470.00 in a research report on Friday, August 5th. Wells Fargo & Company reduced their price target on Bio-Techne from $370.00 to $360.00 and set an “underweight” rating for the company in a research report on Tuesday, August 16th. Finally, Credit Suisse Group initiated coverage on Bio-Techne in a research report on Wednesday, August 24th. They issued an “outperform” rating and a $465.00 price target for the company. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $475.00.

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

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