8,000 Shares in Bio-Techne Corp $TECH Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in Bio-Techne Corp (NASDAQ:TECH) in the first quarter, HoldingsChannel reports. The institutional investor purchased 8,000 shares of the biotechnology company’s stock, valued at approximately $418,000.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of Bio-Techne by 349.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock valued at $284,555,000 after purchasing an additional 3,978,026 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Bio-Techne by 164.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. Norges Bank purchased a new position in Bio-Techne during the 4th quarter worth approximately $99,494,000. Durable Capital Partners LP purchased a new position in Bio-Techne during the 3rd quarter worth approximately $77,658,000. Finally, Morgan Stanley increased its position in Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after buying an additional 1,107,536 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective for the company. in a research note on Friday, June 26th. TD Cowen lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and raised their target price for the stock from $65.00 to $73.00 in a research report on Monday, June 29th. Benchmark cut shares of Bio-Techne from a “buy” rating to a “hold” rating in a report on Tuesday, June 30th. William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Finally, Stifel Nicolaus set a $50.00 price target on shares of Bio-Techne in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Bio-Techne presently has an average rating of “Hold” and a consensus target price of $67.79.

Bio-Techne Trading Up 0.5%

Shares of TECH stock opened at $70.96 on Thursday. The business’s 50 day moving average is $55.14 and its two-hundred day moving average is $57.76. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.16. The company has a market capitalization of $11.11 billion, a P/E ratio of 102.84, a price-to-earnings-growth ratio of 8.41 and a beta of 1.29. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10.

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

Bio-Techne Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s payout ratio is currently 46.38%.

Bio-Techne 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.