Cibc World Market Inc. Invests $823,000 in Bio-Techne Corp $TECH

Cibc World Market Inc. bought a new stake in Bio-Techne Corp (NASDAQ:TECH) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,656 shares of the biotechnology company’s stock, valued at approximately $823,000.

Several other hedge funds have also recently added to or reduced their stakes in TECH. BlackRock Inc. bought a new position in shares of Bio-Techne in the second quarter worth $990,924,000. Morgan Stanley raised its stake in shares of Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after purchasing an additional 1,107,536 shares in the last quarter. State Street Corp lifted its holdings in 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 purchasing an additional 58,639 shares during the period. Wellington Management Group LLP lifted its holdings in Bio-Techne by 12.1% in the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock worth $337,219,000 after purchasing an additional 618,916 shares during the period. Finally, Maverick Capital Ltd. lifted its holdings in Bio-Techne by 23.1% in the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after purchasing an additional 888,798 shares during the period. Institutional investors own 98.95% of the company’s stock.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $72.47 on Friday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The company’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 52 week low of $43.19 and a 52 week high of $72.62. The stock has a market cap of $11.36 billion, a PE ratio of 63.02, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. The company had revenue of $321.19 million during the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 EPS. As a group, 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 announced a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be paid a dividend of $0.65 per share. This is a boost 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%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Piper Sandler began 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. Deutsche Bank Aktiengesellschaft lowered shares of Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a research note on Friday, June 26th. Stephens set a $73.00 price objective on shares of Bio-Techne and gave the company an “equal weight” rating in a report on Friday, June 26th. Stifel Nicolaus set a $50.00 price objective on shares of Bio-Techne in a research note on Thursday, May 7th. Finally, Robert W. Baird boosted their target price on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target 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.