Bio-Techne Corp $TECH Position Reduced by Brown Advisory Inc.

Brown Advisory Inc. reduced its position in Bio-Techne Corp (NASDAQ:TECH) by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,775,361 shares of the biotechnology company’s stock after selling 137,016 shares during the period. Brown Advisory Inc. owned about 1.13% of Bio-Techne worth $91,342,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TECH. Select Equity Group L.P. boosted its position in shares of Bio-Techne by 129.8% in the first quarter. Select Equity Group L.P. now owns 5,366,003 shares of the biotechnology company’s stock worth $314,609,000 after buying an additional 3,030,644 shares during the period. Norges Bank purchased a new stake in Bio-Techne in the 2nd quarter worth about $98,238,000. RGM Capital LLC purchased a new stake in Bio-Techne in the 1st quarter worth about $59,267,000. Price T Rowe Associates Inc. MD boosted its position in Bio-Techne by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,375,279 shares of the biotechnology company’s stock worth $666,933,000 after acquiring an additional 721,012 shares during the period. Finally, Maverick Capital Ltd. purchased a new position in Bio-Techne during the 1st quarter valued at about $30,657,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $61.68 on Friday. The firm has a market capitalization of $9.61 billion, a PE ratio of 125.88, a PEG ratio of 4.15 and a beta of 1.46. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $79.28. The company has a current ratio of 4.22, a quick ratio of 2.81 and a debt-to-equity ratio of 0.15. The firm’s fifty day simple moving average is $61.20 and its 200 day simple moving average is $55.39.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $286.56 million during the quarter, compared to analysts’ expectations of $292.02 million. Bio-Techne had a net margin of 6.41% and a return on equity of 13.59%. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 earnings per share. On average, sell-side analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Monday, November 17th were paid a dividend of $0.08 per share. The ex-dividend date was Monday, November 17th. This represents a $0.32 annualized dividend and a yield of 0.5%. Bio-Techne’s dividend payout ratio is presently 65.31%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Argus boosted their price target on Bio-Techne from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, November 20th. Citigroup raised shares of Bio-Techne from a “neutral” rating to a “buy” rating and raised their price objective for the company from $55.00 to $70.00 in a research report on Thursday, August 21st. TD Cowen boosted their target price on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $70.92.

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.