Sanctuary Advisors LLC Invests $917,000 in Bio-Techne Corp $TECH

Sanctuary Advisors LLC acquired a new stake in shares of Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 12,975 shares of the biotechnology company’s stock, valued at approximately $917,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Athos Capital Ltd bought a new position in Bio-Techne in the second quarter valued at $7,065,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Bio-Techne during the second quarter worth about $440,000. PEAK6 LLC bought a new stake in Bio-Techne during the second quarter worth about $4,800,000. Bank of Nova Scotia purchased a new position in shares of Bio-Techne in the 2nd quarter worth about $486,000. Finally, Commerce Bank purchased a new position in shares of Bio-Techne in the 2nd quarter worth about $2,374,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wells Fargo & Company cut Bio-Techne from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $62.00 to $73.00 in a research note on Thursday, July 9th. TD Cowen cut shares of Bio-Techne from a “buy” rating to a “hold” rating and increased their price target for the company from $65.00 to $73.00 in a research report on Monday, June 29th. William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Finally, Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. Two analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $68.92.

Bio-Techne Trading Up 0.1%

Shares of TECH stock opened at $72.47 on Friday. The business has a 50-day moving average of $70.57 and a 200 day moving average of $59.67. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The stock has a market capitalization of $11.36 billion, a PE ratio of 63.02, a P/E/G ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting analysts’ consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business had revenue of $321.19 million for the quarter, compared to analysts’ expectations of $314.63 million. During the same period in the previous year, the firm earned $0.53 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a dividend yield of 3.6%. Bio-Techne’s payout ratio is presently 27.83%.

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.