Bio-Techne Corp (TECH) Position Raised by Wrapmanager Inc.
Wrapmanager Inc. raised its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 3.6% during the second quarter, Holdings Channel reports. The fund owned 3,188 shares of the biotechnology company’s stock after buying an additional 110 shares during the period. Wrapmanager Inc.’s holdings in Bio-Techne Corp were worth $375,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Israel Discount Bank of New York acquired a new position in Bio-Techne Corp during the first quarter worth approximately $105,000. Flinton Capital Management LLC increased its position in Bio-Techne Corp by 10.0% in the first quarter. Flinton Capital Management LLC now owns 1,056 shares of the biotechnology company’s stock worth $107,000 after buying an additional 96 shares during the last quarter. Meadow Creek Investment Management LLC increased its position in Bio-Techne Corp by 10.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,452 shares of the biotechnology company’s stock worth $148,000 after buying an additional 132 shares during the last quarter. LS Investment Advisors LLC increased its position in Bio-Techne Corp by 49.9% in the first quarter. LS Investment Advisors LLC now owns 1,712 shares of the biotechnology company’s stock worth $174,000 after buying an additional 570 shares during the last quarter. Finally, Glen Harbor Capital Management LLC increased its position in Bio-Techne Corp by 10.0% in the first quarter. Glen Harbor Capital Management LLC now owns 1,848 shares of the biotechnology company’s stock worth $188,000 after buying an additional 168 shares during the last quarter. Institutional investors and hedge funds own 99.17% of the company’s stock.
Bio-Techne Corp (TECH) opened at 117.47 on Tuesday. Bio-Techne Corp has a 1-year low of $95.68 and a 1-year high of $121.94. The company’s 50-day moving average price is $116.63 and its 200-day moving average price is $109.18. The stock has a market cap of $4.39 billion, a P/E ratio of 57.02 and a beta of 0.79.
Bio-Techne Corp (NASDAQ:TECH) last announced its quarterly earnings data on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.10. The firm had revenue of $156.60 million during the quarter, compared to analyst estimates of $150.25 million. Bio-Techne Corp had a return on equity of 14.18% and a net margin of 12.93%. Bio-Techne Corp’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 earnings per share. Analysts predict that Bio-Techne Corp will post $3.98 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend is Wednesday, August 16th. Bio-Techne Corp’s dividend payout ratio is currently 65.98%.
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A number of research analysts have recently commented on the company. Zacks Investment Research downgraded Bio-Techne Corp from a “hold” rating to a “sell” rating in a report on Wednesday, April 19th. BidaskClub upgraded Bio-Techne Corp from a “sell” rating to a “hold” rating in a report on Saturday. Deutsche Bank AG increased their price objective on Bio-Techne Corp from $130.00 to $132.00 and gave the company a “buy” rating in a report on Wednesday, August 9th. Citigroup Inc. reiterated a “buy” rating and issued a $125.00 price objective (up previously from $115.00) on shares of Bio-Techne Corp in a report on Wednesday, May 3rd. Finally, TheStreet upgraded Bio-Techne Corp from a “c+” rating to a “b” rating in a report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $125.20.
In related news, Director Charles A. Dinarello sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $111.37, for a total value of $556,850.00. Following the completion of the sale, the director now directly owns 12,473 shares of the company’s stock, valued at $1,389,118.01. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 10,300 shares of company stock valued at $1,147,078. 2.70% of the stock is owned by corporate insiders.
Bio-Techne Corp Company Profile
Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.
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