Bio-Techne Corp $TECH Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue reduced its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 4.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,614 shares of the biotechnology company’s stock after selling 910 shares during the period. State of Alaska Department of Revenue’s holdings in Bio-Techne were worth $906,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TECH. CX Institutional purchased a new stake in Bio-Techne in the 1st quarter worth approximately $27,000. AlphaQuest LLC purchased a new stake in Bio-Techne in the 1st quarter worth approximately $34,000. Federated Hermes Inc. purchased a new stake in Bio-Techne in the 1st quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd grew its stake in Bio-Techne by 1,239.1% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 924 shares of the biotechnology company’s stock worth $54,000 after acquiring an additional 855 shares during the period. Finally, Horizon Financial Services LLC purchased a new stake in Bio-Techne in the 1st quarter worth approximately $69,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Bio-Techne in a research note on Saturday, September 27th. Stephens raised shares of Bio-Techne to a “strong-buy” rating and set a $65.00 target price for the company in a research note on Tuesday, July 22nd. TD Cowen started coverage on shares of Bio-Techne in a research note on Wednesday, July 9th. They set a “buy” rating and a $65.00 price objective for the company. Scotiabank lowered their price objective on shares of Bio-Techne from $90.00 to $75.00 and set a “sector outperform” rating for the company in a research note on Friday, July 11th. Finally, Royal Bank Of Canada raised shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.42.

Bio-Techne Stock Performance

Shares of TECH stock opened at $61.92 on Tuesday. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $80.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.46 and a quick ratio of 2.38. The firm has a market capitalization of $9.64 billion, a P/E ratio of 134.61, a P/E/G ratio of 4.01 and a beta of 1.48. The company’s fifty day moving average price is $54.20 and its two-hundred day moving average price is $52.47.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings data on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The firm had revenue of $316.96 million for the quarter, compared to analyst estimates of $315.14 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.49 EPS. On average, research analysts anticipate that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, August 18th. Bio-Techne’s dividend payout ratio is 69.57%.

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.