Jupiter Topco LLC Takes $4.82 Million Position in Bio-Techne Corp $TECH

Jupiter Topco LLC purchased a new position in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, HoldingsChannel reports. The fund purchased 68,202 shares of the biotechnology company’s stock, valued at approximately $4,818,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in Bio-Techne by 12.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,063,939 shares of the biotechnology company’s stock worth $62,379,000 after acquiring an additional 113,634 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Bio-Techne by 40.0% in the 1st quarter. Woodline Partners LP now owns 13,356 shares of the biotechnology company’s stock valued at $783,000 after acquiring an additional 3,814 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Bio-Techne by 506.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after acquiring an additional 562 shares during the last quarter. First Trust Advisors LP boosted its position in shares of Bio-Techne by 1,085.7% during the 2nd quarter. First Trust Advisors LP now owns 105,418 shares of the biotechnology company’s stock valued at $5,424,000 after acquiring an additional 96,527 shares during the last quarter. Finally, Natixis grew its holdings in shares of Bio-Techne by 82.6% during the second quarter. Natixis now owns 24,991 shares of the biotechnology company’s stock worth $1,286,000 after purchasing an additional 11,306 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Bio-Techne Stock Performance

Shares of NASDAQ TECH opened at $72.31 on Tuesday. The stock has a market cap of $11.34 billion, a price-to-earnings ratio of 62.88, a P/E/G ratio of 8.62 and a beta of 1.28. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. Bio-Techne Corp has a 1-year low of $43.19 and a 1-year high of $72.62. The stock’s 50-day moving average is $71.19 and its 200 day moving average is $59.77.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analyst estimates of $314.63 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Bio-Techne’s revenue for the quarter was up 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Bio-Techne Corp will post 1.76 EPS for the current fiscal year.

Bio-Techne Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be issued 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 a positive change from Bio-Techne’s previous quarterly dividend of $0.08. Bio-Techne’s dividend payout ratio (DPR) is presently 27.83%.

Analyst Ratings Changes

TECH has been the topic of several research analyst reports. Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $70.00 to $73.00 in a research report on Friday, June 26th. Zacks Research raised shares of Bio-Techne from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. TD Cowen lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and increased their price target for the stock from $65.00 to $73.00 in a report on Monday, June 29th. Wells Fargo & Company cut shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $62.00 to $73.00 in a research report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of 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. Two investment analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average 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.