Bank of New York Mellon Corp Sells 491,279 Shares of Bio-Techne Corp $TECH

Bank of New York Mellon Corp cut its position in shares of Bio-Techne Corp (NASDAQ:TECH) by 20.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,923,092 shares of the biotechnology company’s stock after selling 491,279 shares during the quarter. Bank of New York Mellon Corp’s holdings in Bio-Techne were worth $98,943,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Montanaro Asset Management Ltd lifted its position in shares of Bio-Techne by 14.9% in the 2nd quarter. Montanaro Asset Management Ltd now owns 294,950 shares of the biotechnology company’s stock worth $15,175,000 after acquiring an additional 38,350 shares during the period. Geneva Capital Management LLC increased its position in shares of Bio-Techne by 7.9% during the second quarter. Geneva Capital Management LLC now owns 1,185,099 shares of the biotechnology company’s stock valued at $60,973,000 after purchasing an additional 86,380 shares during the period. Simon Quick Advisors LLC raised its stake in shares of Bio-Techne by 134.9% in the second quarter. Simon Quick Advisors LLC now owns 11,064 shares of the biotechnology company’s stock valued at $569,000 after purchasing an additional 6,354 shares in the last quarter. Atria Investments Inc lifted its position in Bio-Techne by 31.1% in the second quarter. Atria Investments Inc now owns 7,484 shares of the biotechnology company’s stock worth $385,000 after purchasing an additional 1,774 shares during the period. Finally, Assetmark Inc. boosted its stake in Bio-Techne by 1,118.3% during the second quarter. Assetmark Inc. now owns 1,401 shares of the biotechnology company’s stock worth $72,000 after buying an additional 1,286 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Royal Bank Of Canada upgraded shares of Bio-Techne from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, September 3rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Bio-Techne in a research report on Wednesday, October 8th. TD Cowen raised their price target on shares of Bio-Techne from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Wells Fargo & Company upped their price objective on Bio-Techne from $59.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Evercore ISI set a $68.00 target price on Bio-Techne in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.17.

Bio-Techne Price Performance

NASDAQ:TECH opened at $57.41 on Friday. The company has a quick ratio of 2.38, a current ratio of 3.46 and a debt-to-equity ratio of 0.18. The firm has a market cap of $8.94 billion, a PE ratio of 124.81, a price-to-earnings-growth ratio of 3.63 and a beta of 1.51. Bio-Techne Corp has a 12 month low of $46.01 and a 12 month high of $79.28. The company’s 50-day moving average price is $57.63 and its two-hundred day moving average price is $53.76.

Bio-Techne (NASDAQ:TECH) last posted its earnings results on Wednesday, November 5th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. The company had revenue of $286.56 million during the quarter, compared to analysts’ expectations of $292.02 million. Bio-Techne had a net margin of 6.02% and a return on equity of 13.43%. Bio-Techne’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.42 earnings per share. On average, equities analysts anticipate that Bio-Techne Corp will post 1.67 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Monday, November 17th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $0.32 dividend on an annualized basis and a yield of 0.6%. Bio-Techne’s payout ratio is currently 69.57%.

Bio-Techne 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.