Bio-Techne Corp $TECH Holdings Raised by L. Roy Papp & Associates LLP

L. Roy Papp & Associates LLP grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 5.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,325 shares of the biotechnology company’s stock after purchasing an additional 1,217 shares during the period. L. Roy Papp & Associates LLP’s holdings in Bio-Techne were worth $1,252,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. CX Institutional purchased a new stake in shares of Bio-Techne during the first quarter valued at $27,000. AlphaQuest LLC acquired a new position in Bio-Techne during the first quarter valued at $34,000. Federated Hermes Inc. acquired a new position in Bio-Techne during the first quarter valued at $41,000. Caitong International Asset Management Co. Ltd raised its position in Bio-Techne by 1,239.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock valued at $54,000 after buying an additional 855 shares during the period. Finally, Horizon Financial Services LLC acquired a new position in Bio-Techne during the first quarter valued at $69,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

Shares of TECH stock opened at $59.90 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. Bio-Techne Corp has a fifty-two week low of $46.01 and a fifty-two week high of $80.80. The stock’s 50-day moving average is $54.39 and its two-hundred day moving average is $52.57. The firm has a market cap of $9.33 billion, a P/E ratio of 130.22, a PEG ratio of 3.86 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The company had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. During the same period in the prior year, the firm posted $0.49 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. Analysts predict that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. Bio-Techne’s dividend payout ratio is currently 69.57%.

Analyst Ratings Changes

Several research analysts recently weighed in on TECH shares. Citigroup raised Bio-Techne from a “neutral” rating to a “buy” rating and upped their price target for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. TD Cowen started coverage on Bio-Techne in a research report on Wednesday, July 9th. They set a “buy” rating and a $65.00 price target on the stock. Stephens raised Bio-Techne to a “strong-buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, July 22nd. Evercore ISI upped their price target on Bio-Techne from $60.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $70.17.

Bio-Techne Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.