Fifth Third Bancorp Has $7.13 Million Stock Holdings in Bio-Techne Corp $TECH

Fifth Third Bancorp lifted its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 884.8% in the first quarter, Holdings Channel.com reports. The fund owned 136,521 shares of the biotechnology company’s stock after purchasing an additional 122,658 shares during the quarter. Fifth Third Bancorp’s holdings in Bio-Techne were worth $7,135,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Danske Bank A S bought a new stake in Bio-Techne in the fourth quarter valued at about $29,000. eCIO Inc. bought a new position in Bio-Techne during the fourth quarter worth about $30,000. Measured Wealth Private Client Group LLC bought a new position in Bio-Techne during the third quarter worth about $32,000. iSAM Funds UK Ltd bought a new position in Bio-Techne during the third quarter worth about $33,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Bio-Techne by 506.3% during the second quarter. EverSource Wealth Advisors LLC now owns 673 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 562 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TECH shares. Royal Bank Of Canada lowered Bio-Techne from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $62.00 to $73.00 in a research note on Thursday, July 9th. 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 boosted their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Piper Sandler started coverage on Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price target on the stock. Finally, TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and increased their price objective for the stock from $65.00 to $73.00 in a research note on Monday, June 29th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Bio-Techne presently has a consensus rating of “Hold” and an average price target of $68.08.

Bio-Techne Stock Performance

NASDAQ:TECH opened at $71.77 on Friday. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.16. The firm has a 50 day moving average of $57.40 and a 200-day moving average of $58.29. The company has a current ratio of 4.49, a quick ratio of 3.18 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $11.24 billion, a P/E ratio of 104.02, a price-to-earnings-growth ratio of 8.51 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The business had revenue of $311.42 million for the quarter, compared to the consensus estimate of $316.11 million. During the same quarter last year, the company earned $0.56 earnings per share. The firm’s revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.65 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 dividend on an annualized basis and a yield of 0.4%. Bio-Techne’s payout ratio is currently 46.38%.

About Bio-Techne

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.