Broadcrest Asset Management LLC Decreases Stake in Bio-Techne Corp $TECH

Broadcrest Asset Management LLC trimmed its position in Bio-Techne Corp (NASDAQ:TECH) by 20.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,000 shares of the biotechnology company’s stock after selling 25,000 shares during the quarter. Bio-Techne makes up approximately 12.6% of Broadcrest Asset Management LLC’s portfolio, making the stock its 4th biggest holding. Broadcrest Asset Management LLC owned approximately 0.06% of Bio-Techne worth $5,563,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. lifted its stake in Bio-Techne by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock worth $62,379,000 after purchasing an additional 113,634 shares in the last quarter. Woodline Partners LP raised its position in shares of Bio-Techne by 40.0% in the first quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock worth $783,000 after buying an additional 3,814 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Bio-Techne by 3.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 20,672 shares of the biotechnology company’s stock valued at $1,098,000 after buying an additional 709 shares during the period. Park Avenue Securities LLC purchased a new position in Bio-Techne during the second quarter worth about $270,000. Finally, Public Employees Retirement System of Ohio grew its position in Bio-Techne by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 49,542 shares of the biotechnology company’s stock worth $2,549,000 after buying an additional 457 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $63.98 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.81 and a current ratio of 4.22. Bio-Techne Corp has a 52-week low of $46.01 and a 52-week high of $79.28. The company has a fifty day moving average of $63.09 and a 200-day moving average of $58.79. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 130.57, a price-to-earnings-growth ratio of 4.53 and a beta of 1.47.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. The business had revenue of $286.56 million during the quarter, compared to the consensus estimate of $292.02 million. Bio-Techne had a net margin of 6.41% and a return on equity of 13.59%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 earnings per share. Equities research analysts expect that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Monday, November 17th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, November 17th. Bio-Techne’s dividend payout ratio (DPR) is presently 65.31%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. TD Cowen reiterated a “buy” rating on shares of Bio-Techne in a research report on Tuesday, October 14th. Zacks Research downgraded shares of Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, January 21st. UBS Group increased their price target on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, Wells Fargo & Company lifted their price objective on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $70.57.

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.