Bio-Techne Corp $TECH Holdings Lowered by Bessemer Group Inc.

Bessemer Group Inc. lowered its stake in Bio-Techne Corp (NASDAQ:TECH) by 13.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,962 shares of the biotechnology company’s stock after selling 9,722 shares during the quarter. Bessemer Group Inc.’s holdings in Bio-Techne were worth $3,238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TECH. Goldman Sachs Group Inc. lifted its position in shares of Bio-Techne by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock valued at $62,379,000 after acquiring an additional 113,634 shares in the last quarter. Woodline Partners LP grew its position in Bio-Techne by 40.0% during the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock worth $783,000 after purchasing an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 562 shares in the last quarter. First Trust Advisors LP raised its stake in Bio-Techne by 1,085.7% during the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after purchasing an additional 96,527 shares during the period. Finally, Natixis lifted its holdings in shares of Bio-Techne by 82.6% in the second quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock valued at $1,286,000 after purchasing an additional 11,306 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

NASDAQ TECH opened at $71.63 on Wednesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $11.22 billion, a PE ratio of 103.81, a price-to-earnings-growth ratio of 8.53 and a beta of 1.29. Bio-Techne Corp has a 12-month low of $43.19 and a 12-month high of $72.16. The company has a 50 day moving average price of $58.84 and a two-hundred day moving average price of $58.56.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. During the same quarter in the prior year, the business posted $0.56 EPS. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities analysts predict that Bio-Techne Corp will post 1.65 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s dividend payout ratio (DPR) is presently 46.38%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TECH shares. William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a report on Thursday, June 25th. Citigroup cut Bio-Techne from a “buy” rating to a “neutral” rating and lifted their target price for the company from $70.00 to $73.00 in a research note on Friday, June 26th. Leerink Partners set a $73.00 price objective on shares of Bio-Techne in a research report on Thursday, June 25th. Piper Sandler assumed coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price for the company. Finally, Stephens set a $73.00 price target on shares of Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $68.08.

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.