Bio-Techne Co. (NASDAQ:TECH) Shares Purchased by abrdn plc

abrdn plc boosted its holdings in shares of Bio-Techne Co. (NASDAQ:TECH) by 70.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,313 shares of the biotechnology company’s stock after acquiring an additional 26,901 shares during the period. abrdn plc’s holdings in Bio-Techne were worth $5,040,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Morgan Stanley raised its position in Bio-Techne by 4.5% during the third quarter. Morgan Stanley now owns 3,305,826 shares of the biotechnology company’s stock worth $225,028,000 after acquiring an additional 143,716 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Bio-Techne by 13.8% during the third quarter. Bank of New York Mellon Corp now owns 2,476,552 shares of the biotechnology company’s stock worth $168,579,000 after buying an additional 300,903 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Bio-Techne by 3.0% during the fourth quarter. Mackenzie Financial Corp now owns 2,399,327 shares of the biotechnology company’s stock worth $185,132,000 after buying an additional 70,294 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Bio-Techne by 14.8% during the third quarter. Invesco Ltd. now owns 1,880,812 shares of the biotechnology company’s stock worth $128,027,000 after buying an additional 241,771 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Bio-Techne by 2.4% during the third quarter. Northern Trust Corp now owns 1,627,073 shares of the biotechnology company’s stock worth $110,755,000 after buying an additional 38,223 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Insider Transactions at Bio-Techne

In other news, Director Roeland Nusse sold 10,400 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $76.98, for a total transaction of $800,592.00. Following the transaction, the director now directly owns 43,097 shares of the company’s stock, valued at $3,317,607.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.45% of the company’s stock.

Bio-Techne Trading Up 2.2 %

Shares of TECH stock opened at $64.06 on Friday. The stock has a market cap of $10.07 billion, a price-to-earnings ratio of 46.42, a price-to-earnings-growth ratio of 7.97 and a beta of 1.22. The company has a quick ratio of 3.03, a current ratio of 4.37 and a debt-to-equity ratio of 0.23. Bio-Techne Co. has a fifty-two week low of $51.79 and a fifty-two week high of $89.91. The firm’s 50 day moving average price is $69.82 and its two-hundred day moving average price is $68.48.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Thursday, February 1st. The biotechnology company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.03). The business had revenue of $272.60 million for the quarter, compared to analyst estimates of $277.48 million. Bio-Techne had a net margin of 19.58% and a return on equity of 14.21%. On average, analysts anticipate that Bio-Techne Co. will post 1.52 EPS for the current year.

Bio-Techne Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 26th. Stockholders of record on Monday, February 12th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. Bio-Techne’s payout ratio is currently 23.19%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on TECH shares. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Bio-Techne from $85.00 to $82.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Stephens lowered their price target on shares of Bio-Techne from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Friday, February 2nd. Scotiabank initiated coverage on shares of Bio-Techne in a report on Thursday, February 8th. They set a “sector outperform” rating and a $80.00 price target for the company. Royal Bank of Canada lowered their target price on shares of Bio-Techne from $85.00 to $75.00 and set a “sector perform” rating for the company in a report on Friday, February 2nd. Finally, Stifel Nicolaus downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $65.00 target price for the company. in a report on Friday, February 2nd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Bio-Techne has an average rating of “Moderate Buy” and an average price target of $83.90.

Bio-Techne Company 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 in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.