Scientech Research LLC Sells 2,689 Shares of Bio-Techne Co. (NASDAQ:TECH)

Scientech Research LLC cut its position in Bio-Techne Co. (NASDAQ:TECH) by 37.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,514 shares of the biotechnology company’s stock after selling 2,689 shares during the quarter. Scientech Research LLC’s holdings in Bio-Techne were worth $323,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Itau Unibanco Holding S.A. bought a new position in shares of Bio-Techne during the 2nd quarter worth approximately $25,000. Brown Brothers Harriman & Co. increased its position in shares of Bio-Techne by 922.5% during the second quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 369 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in shares of Bio-Techne during the second quarter worth $31,000. DT Investment Partners LLC purchased a new stake in shares of Bio-Techne during the 2nd quarter valued at $36,000. Finally, Mather Group LLC. acquired a new stake in shares of Bio-Techne in the 1st quarter worth $38,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TECH has been the topic of several recent analyst reports. Royal Bank of Canada reduced their target price on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 8th. Benchmark restated a “buy” rating and set a $95.00 price objective on shares of Bio-Techne in a report on Tuesday, August 13th. Finally, Robert W. Baird boosted their target price on shares of Bio-Techne from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.60.

Bio-Techne Stock Up 1.5 %

TECH stock opened at $79.93 on Tuesday. The company has a market capitalization of $12.68 billion, a P/E ratio of 63.44, a price-to-earnings-growth ratio of 5.69 and a beta of 1.27. Bio-Techne Co. has a 12 month low of $51.79 and a 12 month high of $85.57. The firm’s fifty day simple moving average is $75.29 and its 200-day simple moving average is $74.12. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.87 and a quick ratio of 2.75.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.49. The company had revenue of $306.10 million during the quarter, compared to the consensus estimate of $306.49 million. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.56 earnings per share. As a group, equities research analysts forecast that Bio-Techne Co. will post 1.7 earnings per share for the current year.

Bio-Techne Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 19th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend was Monday, August 19th. Bio-Techne’s dividend payout ratio (DPR) is 25.40%.

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