Principal Financial Group Inc. Buys 33,605 Shares of Bio-Techne Corp $TECH

Principal Financial Group Inc. grew its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 4.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 737,082 shares of the biotechnology company’s stock after buying an additional 33,605 shares during the period. Principal Financial Group Inc.’s holdings in Bio-Techne were worth $38,521,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Procyon Advisors LLC grew its position in Bio-Techne by 56.4% during the first quarter. Procyon Advisors LLC now owns 7,119 shares of the biotechnology company’s stock worth $372,000 after buying an additional 2,567 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Bio-Techne by 0.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,445 shares of the biotechnology company’s stock valued at $1,905,000 after acquiring an additional 202 shares in the last quarter. Fifth Third Bancorp raised its holdings in Bio-Techne by 884.8% in the 1st quarter. Fifth Third Bancorp now owns 136,521 shares of the biotechnology company’s stock valued at $7,135,000 after acquiring an additional 122,658 shares in the last quarter. Hsbc Holdings PLC raised its holdings in Bio-Techne by 6.7% in the 1st quarter. Hsbc Holdings PLC now owns 195,037 shares of the biotechnology company’s stock valued at $10,189,000 after acquiring an additional 12,170 shares in the last quarter. Finally, Granite Investment Partners LLC lifted its position in shares of Bio-Techne by 31.3% in the 1st quarter. Granite Investment Partners LLC now owns 137,562 shares of the biotechnology company’s stock worth $7,189,000 after acquiring an additional 32,754 shares during the period. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Trading Up 0.5%

TECH stock opened at $72.12 on Friday. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.16. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $57.87 and its 200-day moving average is $58.38. The firm has a market cap of $11.29 billion, a P/E ratio of 104.52, a P/E/G ratio of 8.59 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing the consensus estimate of $0.55 by ($0.02). The company had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.Bio-Techne’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.56 EPS. Equities analysts anticipate that Bio-Techne Corp will post 1.65 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, May 29th. Shareholders of record on Monday, May 18th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, May 18th. Bio-Techne’s dividend payout ratio is currently 46.38%.

Analysts Set New Price Targets

TECH has been the topic of a number of research reports. Leerink Partners set a $73.00 price objective on Bio-Techne in a research report on Thursday, June 25th. TD Cowen cut Bio-Techne from a “buy” rating to a “hold” rating and raised their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Stephens set a $73.00 price target on shares of Bio-Techne and gave the stock an “equal weight” rating in a research note on Friday, June 26th. William Blair lowered shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. Finally, Piper Sandler began coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $68.08.

Bio-Techne 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.