Madison Asset Management LLC Sells 88,250 Shares of Bio-Techne Corp $TECH

Madison Asset Management LLC trimmed its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 7.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,093,058 shares of the biotechnology company’s stock after selling 88,250 shares during the quarter. Madison Asset Management LLC’s holdings in Bio-Techne were worth $57,123,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Danske Bank A S purchased a new position in Bio-Techne in the fourth quarter worth about $29,000. eCIO Inc. purchased a new stake in shares of Bio-Techne during the fourth quarter valued at approximately $30,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Bio-Techne during the third quarter valued at approximately $32,000. iSAM Funds UK Ltd bought a new stake in shares of Bio-Techne during the third quarter valued at approximately $33,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 562 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

Shares of TECH stock opened at $71.64 on Tuesday. The company has a quick ratio of 3.18, a current ratio of 4.49 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average price of $58.36 and a 200-day moving average price of $58.47. Bio-Techne Corp has a 52 week low of $43.19 and a 52 week high of $72.16. The firm has a market capitalization of $11.22 billion, a PE ratio of 103.83, a P/E/G ratio of 8.59 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The company had revenue of $311.42 million during the quarter, compared to analysts’ expectations of $316.11 million. During the same quarter in the prior year, the business posted $0.56 EPS. The company’s revenue for the quarter was down 1.5% compared to the same quarter last year. As a group, equities research analysts expect that Bio-Techne Corp will post 1.65 earnings per share for the current year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, May 18th. Bio-Techne’s dividend payout ratio is presently 46.38%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TECH shares. Piper Sandler began coverage on Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective on the stock. Citigroup downgraded Bio-Techne from a “buy” rating to a “neutral” rating and increased their target price for the company from $70.00 to $73.00 in a research note on Friday, June 26th. TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and lifted their target price for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Evercore cut Bio-Techne from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Robert W. Baird upped their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $68.08.

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.