276,208 Shares in Bio-Techne Corp $TECH Purchased by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 276,208 shares of the biotechnology company’s stock, valued at approximately $19,514,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in Bio-Techne by 12.0% in the first 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 during the last quarter. Woodline Partners LP boosted its holdings in shares of Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock valued at $783,000 after purchasing an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of 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 purchasing an additional 562 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of 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 worth $5,424,000 after buying an additional 96,527 shares in the last quarter. Finally, Natixis lifted its position in shares of Bio-Techne by 82.6% during the 2nd quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock worth $1,286,000 after buying an additional 11,306 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on TECH shares. William Blair cut Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Evercore downgraded shares of Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Piper Sandler initiated 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 on the stock. Benchmark reiterated a “hold” rating on shares of Bio-Techne in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada cut Bio-Techne from an “outperform” rating to a “sector perform” rating and increased their price target for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Stock Performance

Shares of TECH stock opened at $72.35 on Friday. The firm has a 50 day moving average of $70.86 and a 200-day moving average of $59.75. The company has a market cap of $11.35 billion, a price-to-earnings ratio of 62.91, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.62.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.52. The company had revenue of $321.19 million for the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. Bio-Techne’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 EPS. On average, equities analysts forecast that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be given a dividend of $0.65 per share. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. Bio-Techne’s payout ratio is currently 27.83%.

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.