Citigroup Inc. Sells 97,843 Shares of Bio-Techne Corp $TECH

Citigroup Inc. trimmed its stake in shares of Bio-Techne Corp (NASDAQ:TECH) by 33.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 197,392 shares of the biotechnology company’s stock after selling 97,843 shares during the period. Citigroup Inc. owned about 0.13% of Bio-Techne worth $10,981,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Bio-Techne by 109.7% in the third quarter. Blue Trust Inc. now owns 453 shares of the biotechnology company’s stock valued at $25,000 after purchasing an additional 237 shares in the last quarter. Allworth Financial LP raised its position in Bio-Techne by 68.1% in the 2nd quarter. Allworth Financial LP now owns 612 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 248 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Bio-Techne by 506.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after buying an additional 562 shares during the last quarter. Sound Income Strategies LLC bought a new stake in Bio-Techne in the 3rd quarter valued at approximately $37,000. Finally, Federated Hermes Inc. acquired a new position in Bio-Techne during the 3rd quarter worth approximately $37,000. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

NASDAQ TECH opened at $59.00 on Friday. The company has a current ratio of 4.54, a quick ratio of 3.08 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average price is $63.12 and its two-hundred day moving average price is $59.93. Bio-Techne Corp has a 1 year low of $46.01 and a 1 year high of $72.16. The firm has a market capitalization of $9.23 billion, a P/E ratio of 115.69, a price-to-earnings-growth ratio of 3.92 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, February 4th. The biotechnology company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $295.88 million during the quarter, compared to the consensus estimate of $290.20 million. Bio-Techne had a net margin of 6.67% and a return on equity of 13.94%. The company’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. As a group, research analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 27th. Shareholders of record on Monday, February 16th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Friday, February 13th. Bio-Techne’s payout ratio is 62.75%.

Wall Street Analyst Weigh In

TECH has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on shares of Bio-Techne from $70.00 to $76.00 and gave the company an “overweight” rating in a report on Friday, February 6th. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. UBS Group reiterated a “buy” rating and issued a $79.00 price target (up from $70.00) on shares of Bio-Techne in a research note on Thursday, February 5th. Evercore increased their price objective on shares of Bio-Techne from $62.00 to $68.00 and gave the stock an “in-line” rating in a research note on Thursday, February 5th. Finally, Benchmark restated a “buy” rating on shares of Bio-Techne in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.77.

Bio-Techne Company Profile

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.