Teachers Retirement System of The State of Kentucky Makes New Investment in Bio-Techne Co. (NASDAQ:TECH)

Teachers Retirement System of The State of Kentucky purchased a new position in Bio-Techne Co. (NASDAQ:TECH – Get Rating) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 16,316 shares of the biotechnology company’s stock, valued at approximately $4,635,000.

A number of other hedge funds have also recently added to or reduced their stakes in TECH. Cullen Frost Bankers Inc. boosted its stake in Bio-Techne by 488.2% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 100 shares of the biotechnology company’s stock worth $28,000 after buying an additional 83 shares during the last quarter. BerganKDV Wealth Management LLC acquired a new stake in Bio-Techne in the 3rd quarter worth about $38,000. Ellevest Inc. boosted its stake in Bio-Techne by 119.0% in the 3rd quarter. Ellevest Inc. now owns 173 shares of the biotechnology company’s stock worth $49,000 after buying an additional 94 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Bio-Techne in the 1st quarter worth about $56,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Bio-Techne by 34.8% in the 3rd quarter. Global Retirement Partners LLC now owns 209 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 54 shares during the period. 23.92% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Stock Performance

Shares of NASDAQ:TECH opened at $72.31 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.15 and a current ratio of 4.40. Bio-Techne Co. has a one year low of $68.00 and a one year high of $113.81. The business’s 50-day simple moving average is $77.53 and its 200 day simple moving average is $80.46. The company has a market cap of $11.37 billion, a P/E ratio of 44.91, a PEG ratio of 2.31 and a beta of 1.24.

Bio-Techne Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 27th. Shareholders of record on Monday, February 13th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, February 10th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.02. This represents a $0.32 annualized dividend and a yield of 0.44%. Bio-Techne’s payout ratio is currently 19.88%.

Analysts Set New Price Targets

A number of research firms have recently commented on TECH. Stephens cut their price objective on Bio-Techne to $105.00 and set an “overweight” rating on the stock in a report on Monday, December 5th. Deutsche Bank Aktiengesellschaft began coverage on Bio-Techne in a report on Tuesday, December 13th. They issued a “buy” rating and a $100.00 price objective on the stock. Robert W. Baird cut their price objective on Bio-Techne from $111.50 to $99.00 in a report on Friday, February 3rd. SVB Leerink cut their price objective on Bio-Techne from $125.00 to $110.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. Finally, Wells Fargo & Company upgraded Bio-Techne from an “underweight” rating to an “equal weight” rating and set a $90.00 price objective on the stock in a report on Tuesday, January 10th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Bio-Techne currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.36.

Bio-Techne Company Profile

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Bio-Techne Corp. engages in the development, manufacture and sale of biotechnology reagents and instruments for the research and clinical diagnostic markets. It operates through the following segments: Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures purified proteins and reagent solutions most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies.