Riverbridge Partners LLC Cuts Stake in Bio-Techne Corp $TECH

Riverbridge Partners LLC reduced its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 22.5% in the first quarter, Holdings Channel reports. The firm owned 608,916 shares of the biotechnology company’s stock after selling 176,872 shares during the quarter. Riverbridge Partners LLC’s holdings in Bio-Techne were worth $31,822,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Asset Management One Co. Ltd. increased its position in shares of Bio-Techne by 2.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 5,752 shares of the biotechnology company’s stock valued at $341,000 after acquiring an additional 153 shares in the last quarter. Accredited Investors Inc. lifted its position in Bio-Techne by 2.7% in the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company’s stock valued at $356,000 after acquiring an additional 161 shares in the last quarter. Allworth Financial LP boosted its stake in Bio-Techne by 28.4% during the 3rd quarter. Allworth Financial LP now owns 786 shares of the biotechnology company’s stock valued at $44,000 after purchasing an additional 174 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Bio-Techne by 3.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company’s stock valued at $315,000 after purchasing an additional 181 shares during the last quarter. Finally, Angeles Wealth Management LLC increased its holdings in shares of Bio-Techne by 3.4% in the 3rd quarter. Angeles Wealth Management LLC now owns 5,703 shares of the biotechnology company’s stock worth $317,000 after purchasing an additional 189 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Up 1.2%

Bio-Techne stock opened at $56.26 on Wednesday. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.16. The stock has a fifty day moving average of $52.43 and a 200 day moving average of $56.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. The stock has a market cap of $8.81 billion, a PE ratio of 81.54, a price-to-earnings-growth ratio of 5.36 and a beta of 1.37.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). The firm had revenue of $311.42 million during the quarter, compared to analysts’ expectations of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 earnings per share. As a group, sell-side analysts predict that Bio-Techne Corp will post 1.66 EPS for the current year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Monday, May 18th. Bio-Techne’s dividend payout ratio is 46.38%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Evercore set a $50.00 price target on Bio-Techne in a research note on Thursday, May 7th. Wells Fargo & Company lowered their target price on shares of Bio-Techne from $76.00 to $62.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Citigroup dropped their price target on shares of Bio-Techne from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Robert W. Baird set a $49.00 price objective on shares of Bio-Techne in a research report on Thursday, May 7th. Finally, Piper Sandler started coverage on shares of Bio-Techne in a report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.15.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.