Moore Capital Management LP Acquires Shares of 125,626 Bio-Techne Corp $TECH

Moore Capital Management LP acquired a new position in shares of Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 125,626 shares of the biotechnology company’s stock, valued at approximately $8,875,000. Moore Capital Management LP owned 0.08% of Bio-Techne at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Bio-Techne in the second quarter valued at about $990,924,000. Wellington Management Group LLP raised its stake in Bio-Techne by 349.8% in the 3rd quarter. Wellington Management Group LLP now owns 5,115,133 shares of the biotechnology company’s stock worth $284,555,000 after purchasing an additional 3,978,026 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. boosted its holdings in Bio-Techne by 131.4% in the 1st quarter. Ruane Cunniff & Goldfarb L.P. now owns 3,392,001 shares of the biotechnology company’s stock valued at $177,266,000 after purchasing an additional 1,926,066 shares during the period. Norges Bank bought a new stake in Bio-Techne in the 4th quarter valued at about $99,494,000. Finally, Durable Capital Partners LP acquired a new position in shares of Bio-Techne during the 3rd quarter worth approximately $77,658,000. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Shares of TECH stock opened at $72.35 on Monday. Bio-Techne Corp has a fifty-two week low of $43.19 and a fifty-two week high of $72.62. The stock’s fifty day moving average price is $70.86 and its two-hundred day moving average price is $59.71. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.55. The company has a market cap of $11.35 billion, a PE ratio of 62.91, a P/E/G ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, hitting analysts’ consensus estimates of $0.52. The company had revenue of $321.19 million during the quarter, compared to analysts’ expectations of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.Bio-Techne’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 EPS. Equities analysts predict that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, August 24th. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s dividend payout ratio is 27.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and lifted their price target for the company from $70.00 to $73.00 in a research report on Friday, June 26th. William Blair downgraded Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Robert W. Baird raised their price objective on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price objective for the company. in a report on Friday, June 26th. Finally, Weiss Ratings upgraded Bio-Techne from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $68.92.

Bio-Techne 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.