300,000 Shares in Bio-Techne Co. (NASDAQ:TECH) Acquired by Broadcrest Asset Management LLC
Broadcrest Asset Management LLC purchased a new position in shares of Bio-Techne Co. (NASDAQ:TECH – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 300,000 shares of the biotechnology company’s stock, valued at approximately $24,489,000. Bio-Techne comprises about 13.9% of Broadcrest Asset Management LLC’s investment portfolio, making the stock its 3rd largest holding. Broadcrest Asset Management LLC owned approximately 0.19% of Bio-Techne as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in TECH. Orion Capital Management LLC acquired a new stake in Bio-Techne during the 1st quarter worth approximately $25,000. Exchange Traded Concepts LLC acquired a new stake in Bio-Techne during the 2nd quarter worth approximately $27,000. Harbour Investments Inc. lifted its holdings in Bio-Techne by 305.0% during the 4th quarter. Harbour Investments Inc. now owns 324 shares of the biotechnology company’s stock worth $27,000 after purchasing an additional 244 shares during the last quarter. Huntington National Bank raised its holdings in Bio-Techne by 124.7% in the 2nd quarter. Huntington National Bank now owns 337 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 187 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new position in Bio-Techne in the 4th quarter valued at $29,000. 94.64% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
TECH has been the subject of several analyst reports. KeyCorp dropped their price objective on Bio-Techne from $115.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Bio-Techne in a report on Friday, August 18th. StockNews.com cut Bio-Techne from a “buy” rating to a “hold” rating in a report on Saturday, November 4th. Citigroup dropped their price objective on Bio-Techne from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Finally, Stifel Nicolaus dropped their price objective on Bio-Techne from $104.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, November 2nd. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.73.
View Our Latest Research Report on Bio-Techne
Bio-Techne Trading Up 0.3 %
Shares of TECH stock opened at $69.20 on Wednesday. The firm has a market capitalization of $10.94 billion, a P/E ratio of 45.53, a P/E/G ratio of 5.80 and a beta of 1.24. Bio-Techne Co. has a twelve month low of $51.79 and a twelve month high of $89.91. The company has a quick ratio of 3.17, a current ratio of 4.63 and a debt-to-equity ratio of 0.22. The stock’s fifty day simple moving average is $63.17 and its 200 day simple moving average is $73.29.
Bio-Techne (NASDAQ:TECH – Get Free Report) last issued its quarterly earnings data on Tuesday, October 31st. The biotechnology company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.04). The firm had revenue of $276.94 million for the quarter, compared to the consensus estimate of $289.81 million. Bio-Techne had a return on equity of 14.89% and a net margin of 21.57%. As a group, sell-side analysts predict that Bio-Techne Co. will post 1.63 EPS for the current fiscal year.
Bio-Techne Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 24th. Investors of record on Friday, November 10th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $0.32 dividend on an annualized basis and a yield of 0.46%. Bio-Techne’s dividend payout ratio is currently 21.05%.
Bio-Techne Profile (Free Report)
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.
Further Reading
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