State Street Corp Acquires 95,133 Shares of Bio-Techne Co. (NASDAQ:TECH)

State Street Corp grew its holdings in Bio-Techne Co. (NASDAQ:TECH) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,395,993 shares of the biotechnology company’s stock after buying an additional 95,133 shares during the quarter. State Street Corp’s holdings in Bio-Techne were worth $511,232,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TECH. Point72 Asset Management L.P. bought a new stake in shares of Bio-Techne in the third quarter valued at approximately $89,724,000. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Bio-Techne by 20.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,714,994 shares of the biotechnology company’s stock valued at $122,879,000 after purchasing an additional 290,510 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Bio-Techne in the third quarter valued at approximately $20,071,000. Mackenzie Financial Corp raised its position in shares of Bio-Techne by 8.2% in the second quarter. Mackenzie Financial Corp now owns 2,862,260 shares of the biotechnology company’s stock valued at $205,081,000 after purchasing an additional 216,044 shares during the period. Finally, Broadcrest Asset Management LLC raised its position in shares of Bio-Techne by 100.0% in the third quarter. Broadcrest Asset Management LLC now owns 200,000 shares of the biotechnology company’s stock valued at $15,986,000 after purchasing an additional 100,000 shares during the period. Institutional investors own 98.95% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on TECH shares. StockNews.com raised shares of Bio-Techne from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. Robert W. Baird boosted their price objective on shares of Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Scotiabank boosted their price objective on shares of Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 31st. Finally, Benchmark reaffirmed a “buy” rating and set a $95.00 price objective on shares of Bio-Techne in a research note on Tuesday, August 13th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.00.

Bio-Techne Price Performance

TECH stock opened at $74.51 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 3.26. Bio-Techne Co. has a one year low of $61.16 and a one year high of $85.57. The stock has a market cap of $11.84 billion, a PE ratio of 79.27, a P/E/G ratio of 5.54 and a beta of 1.27. The firm has a 50 day simple moving average of $73.35 and a two-hundred day simple moving average of $74.69.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.04. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The business had revenue of $289.46 million during the quarter, compared to analysts’ expectations of $280.22 million. During the same quarter in the previous year, the company earned $0.35 EPS. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, analysts predict that Bio-Techne Co. will post 1.68 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 11th were paid a $0.08 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Bio-Techne’s dividend payout ratio (DPR) is 34.04%.

About Bio-Techne

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.