129,624 Shares in Bio-Techne Corp $TECH Purchased by Summit Creek Advisors LLC

Summit Creek Advisors LLC purchased a new stake in shares of Bio-Techne Corp (NASDAQ:TECH) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 129,624 shares of the biotechnology company’s stock, valued at approximately $9,158,000. Bio-Techne comprises 3.1% of Summit Creek Advisors LLC’s investment portfolio, making the stock its 4th largest position. Summit Creek Advisors LLC owned approximately 0.08% of Bio-Techne as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECH. BlackRock Inc. purchased a new position in shares of Bio-Techne during the second quarter valued at approximately $990,924,000. Wellington Management Group LLP lifted its position in shares of Bio-Techne by 349.8% during the third 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 in the last quarter. Ruane Cunniff & Goldfarb L.P. boosted its holdings in Bio-Techne by 131.4% during the first quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock worth $177,266,000 after purchasing an additional 1,926,066 shares during the last quarter. Norges Bank bought a new stake in Bio-Techne in the 4th quarter worth about $99,494,000. Finally, Durable Capital Partners LP bought a new stake in Bio-Techne in the 3rd quarter worth about $77,658,000. 98.95% of the stock is owned by institutional investors.

Bio-Techne Trading Down 0.2%

Shares of Bio-Techne stock opened at $72.22 on Wednesday. The stock has a market capitalization of $11.31 billion, a P/E ratio of 62.80, a P/E/G ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 52-week low of $43.19 and a 52-week high of $72.62. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. The stock’s 50-day simple moving average is $68.15 and its 200 day simple moving average is $59.33.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting the consensus estimate of $0.52. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The firm had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same quarter last year, the company earned $0.53 earnings per share. The company’s revenue was up 1.3% on a year-over-year basis. As a group, research analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Shareholders of record on Monday, August 24th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s payout ratio is presently 27.83%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on TECH shares. Deutsche Bank Aktiengesellschaft downgraded Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research report on Friday, June 26th. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and raised their target price for the company from $70.00 to $73.00 in a research report on Friday, June 26th. Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Robert W. Baird boosted their price target on shares of Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Evercore lowered shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $68.92.

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.