Evolve Private Wealth LLC Invests $498,000 in Bio-Techne Corp $TECH

Evolve Private Wealth LLC acquired a new position in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 7,050 shares of the biotechnology company’s stock, valued at approximately $498,000.

A number of other institutional investors and hedge funds have also bought and sold shares of TECH. BlackRock Inc. bought a new position in shares of Bio-Techne in the 2nd quarter worth $990,924,000. Morgan Stanley raised its position in shares of Bio-Techne by 15.3% during the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after buying an additional 1,107,536 shares in the last quarter. State Street Corp lifted its holdings in shares of Bio-Techne by 1.0% during the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock worth $341,806,000 after acquiring an additional 58,639 shares during the last quarter. Wellington Management Group LLP grew its position in Bio-Techne by 12.1% in the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock worth $337,219,000 after acquiring an additional 618,916 shares in the last quarter. Finally, Maverick Capital Ltd. grew its position in Bio-Techne by 23.1% in the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after acquiring an additional 888,798 shares in the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Stock Performance

Bio-Techne stock opened at $72.33 on Wednesday. The company has a quick ratio of 3.35, a current ratio of 4.55 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $11.34 billion, a PE ratio of 62.90, a P/E/G ratio of 8.62 and a beta of 1.28. The firm has a fifty day simple moving average of $69.93 and a two-hundred day simple moving average of $59.58. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.62.

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

Bio-Techne Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TECH shares. Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Evercore cut Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Piper Sandler started coverage on Bio-Techne in a research report on Thursday, June 11th. They set a “neutral” rating and a $65.00 price objective on the stock. Royal Bank Of Canada cut Bio-Techne from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $62.00 to $73.00 in a report on Thursday, July 9th. Finally, Leerink Partners set a $73.00 target price on Bio-Techne in a research note on Thursday, June 25th. Two analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $68.92.

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.