P Schoenfeld Asset Management LP Makes New Investment in Bio-Techne Corp $TECH

P Schoenfeld Asset Management LP acquired a new stake in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 65,000 shares of the biotechnology company’s stock, valued at approximately $4,592,250. Bio-Techne accounts for approximately 0.0% of P Schoenfeld Asset Management LP’s holdings, making the stock its 16th largest holding.

A number of other hedge funds also recently made changes to their positions in the stock. Tema ETFs LLC raised its position in Bio-Techne by 5.4% during the second quarter. Tema ETFs LLC now owns 2,818 shares of the biotechnology company’s stock valued at $199,000 after purchasing an additional 145 shares in the last quarter. Accredited Investors Inc. lifted its position in shares of Bio-Techne by 2.7% in the 4th quarter. Accredited Investors Inc. now owns 6,052 shares of the biotechnology company’s stock worth $356,000 after purchasing an additional 161 shares during the period. Oppenheimer & Co. Inc. boosted its position in Bio-Techne by 3.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 5,351 shares of the biotechnology company’s stock valued at $315,000 after buying an additional 181 shares during the last quarter. Bryn Mawr Trust Advisors LLC grew its holdings in shares of Bio-Techne by 5.1% in the first quarter. Bryn Mawr Trust Advisors LLC now owns 3,986 shares of the biotechnology company’s stock valued at $208,000 after purchasing an additional 194 shares in the last quarter. Finally, New Mexico Educational Retirement Board grew its holdings in shares of Bio-Techne by 2.8% during the fourth quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the biotechnology company’s stock worth $429,000 after purchasing an additional 200 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

NASDAQ TECH traded down $0.07 on Friday, hitting $72.40. 1,089,638 shares of the company’s stock were exchanged, compared to its average volume of 3,397,081. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 62.96, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.55 and a quick ratio of 3.35. The firm’s 50-day moving average price is $70.57 and its two-hundred day moving average price is $59.67. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.62.

Bio-Techne (NASDAQ:TECH) last issued its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.52. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. During the same period in the previous year, the business earned $0.53 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. On average, research analysts expect that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be given a dividend of $0.65 per share. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.08. This represents a $2.60 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, August 24th. Bio-Techne’s dividend payout ratio (DPR) is currently 27.83%.

Analysts Set New Price Targets

TECH has been the topic of several recent analyst reports. Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and upped their price target for the company from $70.00 to $73.00 in a report on Friday, June 26th. TD Cowen downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating and boosted their target price for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Wells Fargo & Company lowered shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $62.00 to $73.00 in a report on Thursday, August 13th. Benchmark reiterated a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada downgraded shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and increased their price target for the stock from $62.00 to $73.00 in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Company Profile

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.