Bessemer Group Inc. Sells 7,798 Shares of Bio-Techne Corp $TECH

Bessemer Group Inc. cut its position in Bio-Techne Corp (NASDAQ:TECH) by 39.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,950 shares of the biotechnology company’s stock after selling 7,798 shares during the quarter. Bessemer Group Inc.’s holdings in Bio-Techne were worth $614,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in TECH. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Bio-Techne by 17.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,630 shares of the biotechnology company’s stock valued at $1,153,000 after buying an additional 2,980 shares during the period. Amalgamated Bank raised its stake in shares of Bio-Techne by 0.7% during the 1st quarter. Amalgamated Bank now owns 30,646 shares of the biotechnology company’s stock valued at $1,797,000 after purchasing an additional 222 shares during the period. Mather Group LLC. raised its stake in shares of Bio-Techne by 78.4% during the 1st quarter. Mather Group LLC. now owns 1,215 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 534 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Bio-Techne during the 1st quarter valued at $1,362,000. Finally, IFM Investors Pty Ltd raised its stake in shares of Bio-Techne by 5.3% during the 1st quarter. IFM Investors Pty Ltd now owns 39,432 shares of the biotechnology company’s stock valued at $2,312,000 after purchasing an additional 1,971 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Price Performance

Bio-Techne stock opened at $62.57 on Friday. Bio-Techne Corp has a 52 week low of $46.01 and a 52 week high of $80.80. The business has a 50-day simple moving average of $57.24 and a 200 day simple moving average of $53.41. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The stock has a market cap of $9.74 billion, a price-to-earnings ratio of 136.02, a PEG ratio of 3.63 and a beta of 1.48.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, August 6th. The biotechnology company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.50 by $0.03. The business had revenue of $316.96 million during the quarter, compared to analysts’ expectations of $315.14 million. Bio-Techne had a return on equity of 13.43% and a net margin of 6.02%.The firm’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.49 earnings per share. On average, research analysts forecast that Bio-Techne Corp will post 1.67 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given a dividend of $0.08 per share. The ex-dividend date was Monday, August 18th. This represents a $0.32 annualized dividend and a dividend yield of 0.5%. Bio-Techne’s dividend payout ratio is 69.57%.

Analysts Set New Price Targets

A number of research firms recently issued reports on TECH. TD Cowen boosted their price objective on Bio-Techne from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Zacks Research upgraded Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Bio-Techne in a research note on Wednesday, October 8th. Citigroup upgraded Bio-Techne from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $55.00 to $70.00 in a research note on Thursday, August 21st. Finally, Stephens upgraded Bio-Techne to a “strong-buy” rating and set a $65.00 target price for the company in a research report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Bio-Techne presently has an average rating of “Moderate Buy” and an average price target of $70.58.

Bio-Techne Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.