Bio-Techne Co. (NASDAQ:TECH) Shares Purchased by Citigroup Inc.

Citigroup Inc. raised its stake in shares of Bio-Techne Co. (NASDAQ:TECH) by 16.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 94,241 shares of the biotechnology company’s stock after acquiring an additional 13,230 shares during the period. Citigroup Inc. owned approximately 0.06% of Bio-Techne worth $6,992,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TECH. Icon Wealth Partners LLC purchased a new stake in shares of Bio-Techne during the first quarter worth approximately $802,000. Tamarack Advisers LP purchased a new position in Bio-Techne during the 1st quarter worth $74,000. Oppenheimer Asset Management Inc. lifted its stake in shares of Bio-Techne by 4.5% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 63,675 shares of the biotechnology company’s stock worth $4,724,000 after acquiring an additional 2,720 shares during the period. Private Advisor Group LLC purchased a new stake in shares of Bio-Techne in the first quarter valued at about $487,000. Finally, Zions Bancorporation N.A. increased its stake in shares of Bio-Techne by 0.6% during the first quarter. Zions Bancorporation N.A. now owns 22,222 shares of the biotechnology company’s stock worth $1,649,000 after acquiring an additional 129 shares during the period. 94.64% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Stock Down 2.3 %

Shares of NASDAQ TECH opened at $78.40 on Friday. Bio-Techne Co. has a 12-month low of $68.00 and a 12-month high of $90.63. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.84 and a quick ratio of 3.50. The firm’s 50-day moving average is $81.83 and its two-hundred day moving average is $79.44. The company has a market capitalization of $12.40 billion, a PE ratio of 44.48, a price-to-earnings-growth ratio of 4.13 and a beta of 1.22.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.07. The company had revenue of $301.32 million during the quarter, compared to analysts’ expectations of $304.71 million. Bio-Techne had a return on equity of 15.47% and a net margin of 25.10%. Equities analysts anticipate that Bio-Techne Co. will post 1.81 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. Bio-Techne’s dividend payout ratio (DPR) is 18.16%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. StockNews.com upgraded Bio-Techne from a “hold” rating to a “buy” rating in a research report on Friday, August 25th. Stephens reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Bio-Techne in a report on Wednesday, August 9th. Robert W. Baird decreased their target price on shares of Bio-Techne from $100.00 to $90.00 in a research report on Wednesday, August 9th. Benchmark reiterated a “buy” rating and issued a $120.00 price target on shares of Bio-Techne in a report on Friday, August 18th. Finally, William Blair assumed coverage on shares of Bio-Techne in a report on Monday. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Bio-Techne currently has an average rating of “Moderate Buy” and a consensus price target of $101.78.

Insiders Place Their Bets

In related news, CEO Charles R. Kummeth sold 80,000 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $88.36, for a total transaction of $7,068,800.00. Following the transaction, the chief executive officer now owns 1,258,766 shares of the company’s stock, valued at $111,224,563.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 4.45% of the stock is owned by corporate insiders.

Bio-Techne Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.