86,760 Bio-Techne Corp $TECH Shares Bought by New York Life Investment Management LLC

New York Life Investment Management LLC increased its position in Bio-Techne Corp (NASDAQ:TECH) by 208.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 128,349 shares of the biotechnology company’s stock after acquiring an additional 86,760 shares during the period. New York Life Investment Management LLC’s holdings in Bio-Techne were worth $9,301,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in Bio-Techne by 7.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,374 shares of the biotechnology company’s stock valued at $534,000 after buying an additional 501 shares in the last quarter. StoneRidge PMG Advisors LLC acquired a new position in Bio-Techne during the third quarter worth about $351,000. Ethic Inc. grew its holdings in Bio-Techne by 28.6% during the third quarter. Ethic Inc. now owns 4,271 shares of the biotechnology company’s stock worth $310,000 after acquiring an additional 949 shares during the period. StoneX Group Inc. bought a new stake in Bio-Techne in the third quarter worth about $768,000. Finally, Parallel Advisors LLC raised its position in Bio-Techne by 26.6% in the third quarter. Parallel Advisors LLC now owns 2,554 shares of the biotechnology company’s stock worth $185,000 after acquiring an additional 537 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of TECH opened at $72.84 on Friday. Bio-Techne Corp has a one year low of $43.19 and a one year high of $72.88. The company has a 50-day moving average of $72.53 and a two-hundred day moving average of $63.46. The stock has a market cap of $11.44 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 5.28 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Monday, November 9th. The biotechnology company reported $0.44 earnings per share for the quarter, hitting the consensus estimate of $0.44. Bio-Techne had a net margin of 14.00% and a return on equity of 11.56%. The business had revenue of $299.71 million for the quarter, compared to the consensus estimate of $292.60 million. Analysts anticipate that Bio-Techne Corp will post 1.75 earnings per share for the current year.

Bio-Techne Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 23rd. Investors of record on Friday, November 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. This is a negative change from Bio-Techne’s previous quarterly dividend of $0.65. Bio-Techne’s dividend payout ratio (DPR) is 27.83%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TECH. Zacks Research raised shares of Bio-Techne from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 29th. Weiss Ratings upgraded shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Argus cut shares of Bio-Techne from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 26th. Wells Fargo & Company downgraded shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, Benchmark reiterated a “hold” rating on shares of Bio-Techne in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Profile

Bio-Techne is a life sciences company that develops and supplies products and services used in biological research, drug development, and clinical diagnostics. Its offerings include proteins, antibodies, immunoassays, and small molecules, as well as instruments and analytical tools for studying cells and biological processes. The company also provides technologies for protein analysis, molecular diagnostics, and spatial biology. Its portfolio includes products and services associated with brands such as R&D Systems, Tocris, ProteinSimple, and Advanced Cell Diagnostics.