Berry Wealth Group LP Sells 455 Shares of Bio-Techne Corp (NASDAQ:TECH)

Berry Wealth Group LP cut its stake in Bio-Techne Corp (NASDAQ:TECH) by 10.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,769 shares of the biotechnology company’s stock after selling 455 shares during the period. Berry Wealth Group LP’s holdings in Bio-Techne were worth $221,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Bio-Techne in the 4th quarter valued at $137,301,000. Price T Rowe Associates Inc. MD grew its stake in shares of Bio-Techne by 13.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,654,267 shares of the biotechnology company’s stock worth $767,428,000 after purchasing an additional 1,229,954 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Bio-Techne during the fourth quarter worth $44,479,000. Select Equity Group L.P. grew its stake in shares of Bio-Techne by 26.9% during the fourth quarter. Select Equity Group L.P. now owns 2,335,359 shares of the biotechnology company’s stock worth $168,216,000 after purchasing an additional 495,404 shares during the period. Finally, Freestone Grove Partners LP acquired a new stake in shares of Bio-Techne during the fourth quarter worth $30,047,000. 98.95% of the stock is owned by institutional investors and hedge funds.

Bio-Techne Price Performance

Shares of NASDAQ TECH opened at $49.30 on Tuesday. The business’s 50 day moving average price is $49.45 and its two-hundred day moving average price is $60.98. The company has a market cap of $7.73 billion, a PE ratio of 60.12, a price-to-earnings-growth ratio of 2.63 and a beta of 1.38. The company has a quick ratio of 2.58, a current ratio of 3.71 and a debt-to-equity ratio of 0.16. Bio-Techne Corp has a twelve month low of $46.01 and a twelve month high of $83.62.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings results on Wednesday, May 7th. The biotechnology company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. The firm had revenue of $316.18 million for the quarter, compared to the consensus estimate of $317.92 million. Bio-Techne had a return on equity of 13.17% and a net margin of 10.89%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.48 earnings per share. On average, analysts predict that Bio-Techne Corp will post 1.67 EPS for the current year.

Bio-Techne declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the biotechnology company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Bio-Techne Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Monday, May 19th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend was Monday, May 19th. Bio-Techne’s dividend payout ratio (DPR) is presently 39.02%.

Analyst Upgrades and Downgrades

TECH has been the subject of a number of analyst reports. Wall Street Zen cut Bio-Techne from a “buy” rating to a “hold” rating in a research note on Sunday, June 8th. UBS Group reduced their target price on Bio-Techne from $95.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Wells Fargo & Company began coverage on Bio-Techne in a report on Friday, May 30th. They set an “overweight” rating and a $59.00 target price on the stock. Citigroup reduced their target price on Bio-Techne from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Evercore ISI began coverage on Bio-Techne in a report on Tuesday, March 18th. They set an “outperform” rating and a $75.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Bio-Techne currently has an average rating of “Hold” and an average target price of $72.00.

Bio-Techne Company Profile

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.