Bio-Techne Corp $TECH Shares Sold by Brown Capital Management LLC

Brown Capital Management LLC cut its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 34.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,035,930 shares of the biotechnology company’s stock after selling 537,673 shares during the period. Bio-Techne comprises about 2.4% of Brown Capital Management LLC’s portfolio, making the stock its 19th biggest position. Brown Capital Management LLC owned about 0.67% of Bio-Techne worth $57,629,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. boosted its position in Bio-Techne by 109.7% in the 3rd quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock valued at $25,000 after buying an additional 237 shares during the period. Allworth Financial LP raised its stake in shares of Bio-Techne by 68.1% in the second quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 248 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Bio-Techne by 506.3% in the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares during the period. Sound Income Strategies LLC acquired a new position in Bio-Techne during the 3rd quarter worth $37,000. Finally, Federated Hermes Inc. purchased a new stake in Bio-Techne during the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Wednesday, December 17th. Wells Fargo & Company lifted their price target on shares of Bio-Techne from $59.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Argus increased their price objective on shares of Bio-Techne from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, November 20th. TD Cowen restated a “buy” rating on shares of Bio-Techne in a report on Tuesday, October 14th. Finally, UBS Group 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 note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Bio-Techne presently has an average rating of “Moderate Buy” and a consensus price target of $70.57.

Bio-Techne Stock Up 1.8%

Shares of NASDAQ:TECH opened at $65.25 on Tuesday. 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 has a 50 day simple moving average of $63.17 and a 200-day simple moving average of $59.05. The company has a market capitalization of $10.17 billion, a PE ratio of 133.17, a P/E/G ratio of 4.42 and a beta of 1.48. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $79.28.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. Bio-Techne had a net margin of 6.41% and a return on equity of 13.59%. The firm had revenue of $286.56 million for the quarter, compared to analyst estimates of $292.02 million. During the same period last year, the business earned $0.42 EPS. Bio-Techne’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities analysts predict that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne Announces Dividend

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

About Bio-Techne

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.