Van ECK Associates Corp Cuts Position in Bio-Techne Corp $TECH

Van ECK Associates Corp reduced its position in Bio-Techne Corp (NASDAQ:TECH) by 7.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 293,165 shares of the biotechnology company’s stock after selling 24,033 shares during the period. Van ECK Associates Corp owned approximately 0.19% of Bio-Techne worth $20,712,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TECH. BlackRock Inc. purchased a new position in Bio-Techne in the second quarter valued at approximately $990,924,000. Wellington Management Group LLP grew its stake in Bio-Techne by 349.8% during the third quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after buying an additional 3,978,026 shares during the period. Ruane Cunniff & Goldfarb L.P. increased its position in shares of Bio-Techne by 131.4% in the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock worth $177,266,000 after acquiring an additional 1,926,066 shares in the last quarter. Norges Bank acquired a new stake in shares of Bio-Techne in the fourth quarter worth $99,494,000. Finally, Durable Capital Partners LP purchased a new position in shares of Bio-Techne in the 3rd quarter valued at $77,658,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TECH. Leerink Partners set a $73.00 target price on shares of Bio-Techne in a report on Thursday, June 25th. Wells Fargo & Company downgraded Bio-Techne from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $62.00 to $73.00 in a report on Thursday, August 13th. TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and raised their price objective for the company from $65.00 to $73.00 in a research report on Monday, June 29th. William Blair cut Bio-Techne from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 25th. Finally, Piper Sandler initiated coverage on Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. Based on data from MarketBeat, Bio-Techne presently has a consensus rating of “Hold” and an average target price of $68.92.

Bio-Techne Stock Performance

NASDAQ TECH opened at $72.35 on Monday. The company’s fifty day simple moving average is $70.86 and its 200-day simple moving average is $59.71. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a market cap of $11.35 billion, a P/E ratio of 62.91, a PEG ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same period in the prior year, the firm earned $0.53 earnings per share. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. Equities research analysts predict that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s dividend payout ratio is currently 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.