Canada Pension Plan Investment Board Takes Position in Bio-Techne Corp $TECH

Canada Pension Plan Investment Board acquired a new stake in Bio-Techne Corp (NASDAQ:TECH) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 308,300 shares of the biotechnology company’s stock, valued at approximately $21,781,000.

Several other hedge funds have also made changes to their positions in TECH. Goldman Sachs Group Inc. lifted its position in Bio-Techne by 12.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock worth $62,379,000 after acquiring an additional 113,634 shares during the period. Woodline Partners LP boosted its holdings in 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 grew its holdings in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock worth $35,000 after acquiring an additional 562 shares during the period. First Trust Advisors LP increased its holdings in shares of Bio-Techne by 1,085.7% in the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after purchasing an additional 96,527 shares in the last quarter. Finally, Natixis increased its holdings in Bio-Techne by 82.6% in the second quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock valued at $1,286,000 after buying an additional 11,306 shares in the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $72.35 on Friday. The business’s fifty day moving average price is $70.86 and its 200 day moving average price is $59.75. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $11.35 billion, a P/E ratio of 62.91, a PEG ratio of 8.63 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting 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 return on equity of 13.23% and a net margin of 14.97%.The company’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period last year, the business posted $0.53 EPS. As a group, research analysts anticipate that Bio-Techne Corp will post 1.76 earnings per share for the current year.

Bio-Techne Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Investors 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 yield of 3.6%. Bio-Techne’s dividend payout ratio is currently 27.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Zacks Research upgraded shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Royal Bank Of Canada downgraded Bio-Techne from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $62.00 to $73.00 in a research report on Thursday, July 9th. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and upped their target price for the company from $70.00 to $73.00 in a research note on Friday, June 26th. Weiss Ratings raised shares of Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Finally, Piper Sandler started coverage on Bio-Techne in a report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $68.92.

About Bio-Techne

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.