Bio-Techne Co. (NASDAQ:TECH) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 1.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 528,851 shares of the biotechnology company’s stock after selling 10,258 shares during the period. Bank of New York Mellon Corp’s holdings in Bio-Techne were worth $150,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Bio-Techne by 0.6% in the third quarter. Vanguard Group Inc. now owns 4,487,742 shares of the biotechnology company’s stock valued at $1,274,520,000 after purchasing an additional 27,397 shares during the last quarter. BlackRock Inc. boosted its holdings in Bio-Techne by 0.9% in the third quarter. BlackRock Inc. now owns 4,326,270 shares of the biotechnology company’s stock valued at $1,228,662,000 after purchasing an additional 38,664 shares during the last quarter. State Street Corp boosted its holdings in Bio-Techne by 0.7% in the third quarter. State Street Corp now owns 1,579,507 shares of the biotechnology company’s stock valued at $448,580,000 after purchasing an additional 11,228 shares during the last quarter. Marshall Wace LLP boosted its holdings in Bio-Techne by 29.8% in the third quarter. Marshall Wace LLP now owns 581,438 shares of the biotechnology company’s stock valued at $165,126,000 after purchasing an additional 133,400 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Bio-Techne by 28.6% in the first quarter. Wellington Management Group LLP now owns 456,934 shares of the biotechnology company’s stock valued at $197,870,000 after purchasing an additional 101,567 shares during the last quarter. 23.92% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Stock Down 1.6 %

TECH opened at $72.31 on Friday. Bio-Techne Co. has a twelve month low of $68.00 and a twelve month high of $113.81. The company has a quick ratio of 3.15, a current ratio of 4.40 and a debt-to-equity ratio of 0.11. The company has a 50-day moving average price of $77.53 and a 200 day moving average price of $80.46. The company has a market cap of $11.37 billion, a PE ratio of 44.91, a price-to-earnings-growth ratio of 2.31 and a beta of 1.24.

Bio-Techne Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 27th. Investors of record on Monday, February 13th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. The ex-dividend date was Friday, February 10th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.02. Bio-Techne’s dividend payout ratio is 19.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TECH shares. Robert W. Baird lowered their price target on shares of Bio-Techne from $111.50 to $99.00 in a report on Friday, February 3rd. StockNews.com started coverage on shares of Bio-Techne in a report on Thursday. They issued a “buy” rating on the stock. Stephens lowered their price target on shares of Bio-Techne to $105.00 and set an “overweight” rating on the stock in a report on Monday, December 5th. KeyCorp lowered their target price on shares of Bio-Techne from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Friday, February 3rd. Finally, Benchmark reissued a “buy” rating and set a $120.00 target price on shares of Bio-Techne in a research note on Friday, February 3rd. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Bio-Techne Company Profile

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Bio-Techne Corp. engages in the development, manufacture and sale of biotechnology reagents and instruments for the research and clinical diagnostic markets. It operates through the following segments: Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures purified proteins and reagent solutions most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies.