Roberts Glore & Co. Inc. IL Purchases New Holdings in Bio-Techne Corp $TECH

Roberts Glore & Co. Inc. IL acquired a new position in Bio-Techne Corp (NASDAQ:TECH) during the second quarter, HoldingsChannel reports. The institutional investor acquired 21,541 shares of the biotechnology company’s stock, valued at approximately $1,522,000.

A number of other hedge funds have also recently made changes to their positions in TECH. BlackRock Inc. purchased a new position in shares of Bio-Techne in the 2nd quarter worth about $990,924,000. Morgan Stanley raised its holdings in Bio-Techne by 15.3% in the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after buying an additional 1,107,536 shares during the last quarter. State Street Corp lifted its stake in shares of Bio-Techne by 1.0% in the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock worth $341,806,000 after buying an additional 58,639 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Bio-Techne by 12.1% during the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock valued at $337,219,000 after buying an additional 618,916 shares during the last quarter. Finally, Maverick Capital Ltd. raised its holdings in Bio-Techne by 23.1% in the 1st quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after acquiring an additional 888,798 shares during the last quarter. 98.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Benchmark restated a “hold” rating on shares of Bio-Techne in a research note on Wednesday, August 19th. Evercore cut Bio-Techne from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Robert W. Baird lifted their price objective on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Wells Fargo & Company lowered 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 research report on Thursday, August 13th. Finally, Piper Sandler assumed coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a “neutral” rating and a $65.00 target price on the stock. Two analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Trading Down 0.1%

NASDAQ:TECH opened at $72.33 on Wednesday. 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 12 month low of $43.19 and a 12 month high of $72.62. The company has a market cap of $11.34 billion, a PE ratio of 62.90, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. The company has a 50 day simple moving average of $69.93 and a two-hundred day simple moving average of $59.58.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $321.19 million for 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%.The company’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 EPS. Research analysts forecast that Bio-Techne Corp will post 1.76 earnings per share 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 represents a $2.60 dividend on an annualized basis and a yield of 3.6%. This is a boost from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, August 24th. Bio-Techne’s dividend payout ratio (DPR) is currently 27.83%.

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.