Bio-Techne Corp (TECH) Stake Held by Bessemer Group Inc.
Bessemer Group Inc. maintained its position in Bio-Techne Corp (NASDAQ:TECH) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,830 shares of the biotechnology company’s stock at the end of the second quarter. Bessemer Group Inc.’s holdings in Bio-Techne Corp were worth $920,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Bio-Techne Corp by 14,548.6% in the first quarter. BlackRock Inc. now owns 3,500,436 shares of the biotechnology company’s stock worth $355,820,000 after buying an additional 3,476,540 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Bio-Techne Corp by 4.7% in the first quarter. Vanguard Group Inc. now owns 3,005,690 shares of the biotechnology company’s stock valued at $305,528,000 after buying an additional 134,138 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in shares of Bio-Techne Corp by 18.4% in the first quarter. Neuberger Berman Group LLC now owns 1,900,495 shares of the biotechnology company’s stock valued at $193,185,000 after buying an additional 295,802 shares in the last quarter. State Street Corp boosted its stake in shares of Bio-Techne Corp by 2.6% in the first quarter. State Street Corp now owns 989,661 shares of the biotechnology company’s stock valued at $100,590,000 after buying an additional 25,182 shares in the last quarter. Finally, Royce & Associates LP boosted its stake in shares of Bio-Techne Corp by 3.8% in the first quarter. Royce & Associates LP now owns 804,859 shares of the biotechnology company’s stock valued at $81,814,000 after buying an additional 29,600 shares in the last quarter. 99.17% of the stock is currently owned by institutional investors.
Shares of Bio-Techne Corp (TECH) opened at 117.03 on Wednesday. Bio-Techne Corp has a 12 month low of $95.68 and a 12 month high of $121.94. The stock’s 50 day moving average is $116.60 and its 200 day moving average is $109.30. The firm has a market cap of $4.37 billion, a PE ratio of 56.81 and a beta of 0.79.
Bio-Techne Corp (NASDAQ:TECH) last issued its earnings results on Tuesday, August 8th. The biotechnology company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.10. Bio-Techne Corp had a return on equity of 14.18% and a net margin of 12.93%. The business had revenue of $156.60 million during the quarter, compared to analysts’ expectations of $150.25 million. During the same quarter in the previous year, the business earned $0.92 EPS. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. On average, analysts anticipate that Bio-Techne Corp will post $3.99 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date is Wednesday, August 16th. Bio-Techne Corp’s payout ratio is currently 65.98%.
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TECH has been the topic of several research reports. Deutsche Bank AG reissued a “buy” rating and set a $122.00 price target (up previously from $115.00) on shares of Bio-Techne Corp in a research report on Wednesday, May 3rd. BidaskClub raised shares of Bio-Techne Corp from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Zacks Investment Research raised shares of Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 price target on the stock in a research report on Thursday, July 6th. TheStreet raised shares of Bio-Techne Corp from a “c+” rating to a “b” rating in a research report on Tuesday, May 2nd. Finally, Wells Fargo & Company initiated coverage on shares of Bio-Techne Corp in a research report on Thursday, July 13th. They set a “market perform” rating on the stock. Four investment analysts have rated the stock with a hold rating and four have given 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 other news, Director Karen A. Holbrook sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $111.15, for a total transaction of $555,750.00. Following the completion of the sale, the director now owns 6,973 shares in the company, valued at approximately $775,048.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 10,300 shares of company stock valued at $1,147,078 in the last quarter. Company insiders own 2.70% of the company’s stock.
About Bio-Techne Corp
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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