Bridgewater Associates LP lowered its position in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 10.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,636 shares of the biotechnology company’s stock after selling 931 shares during the quarter. Bridgewater Associates LP’s holdings in BIO-TECHNE were worth $1,130,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC raised its position in shares of BIO-TECHNE by 4.4% during the second quarter. Conestoga Capital Advisors LLC now owns 272,367 shares of the biotechnology company’s stock worth $40,297,000 after acquiring an additional 11,595 shares during the last quarter. Robecosam AG bought a new stake in shares of BIO-TECHNE during the second quarter worth $144,000. Victory Capital Management Inc. raised its position in shares of BIO-TECHNE by 13.3% during the second quarter. Victory Capital Management Inc. now owns 27,917 shares of the biotechnology company’s stock worth $4,130,000 after acquiring an additional 3,282 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of BIO-TECHNE by 22.3% during the second quarter. Robeco Institutional Asset Management B.V. now owns 24,856 shares of the biotechnology company’s stock worth $3,678,000 after acquiring an additional 4,532 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of BIO-TECHNE by 11.8% during the first quarter. Principal Financial Group Inc. now owns 221,887 shares of the biotechnology company’s stock worth $33,513,000 after acquiring an additional 23,354 shares during the last quarter. Institutional investors own 94.74% of the company’s stock.
In related news, Director John L. Higgins sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $187.92, for a total value of $1,879,200.00. Following the completion of the sale, the director now owns 13,012 shares in the company, valued at $2,445,215.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles A. Dinarello sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $176.94, for a total value of $884,700.00. Following the completion of the sale, the director now owns 13,212 shares of the company’s stock, valued at approximately $2,337,731.28. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.
NASDAQ TECH opened at $191.36 on Friday. The stock has a market capitalization of $7.14 billion, a P/E ratio of 47.02, a P/E/G ratio of 3.26 and a beta of 0.88. The company has a quick ratio of 3.97, a current ratio of 5.01 and a debt-to-equity ratio of 0.31. BIO-TECHNE Corp has a 12 month low of $119.01 and a 12 month high of $194.37.
BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, August 7th. The biotechnology company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.05. The business had revenue of $180.25 million during the quarter, compared to the consensus estimate of $176.24 million. BIO-TECHNE had a return on equity of 14.64% and a net margin of 19.50%. equities research analysts predict that BIO-TECHNE Corp will post 3.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 31st. Investors of record on Friday, August 17th were issued a $0.32 dividend. The ex-dividend date of this dividend was Thursday, August 16th. This represents a $1.28 dividend on an annualized basis and a yield of 0.67%. BIO-TECHNE’s dividend payout ratio is presently 31.45%.
TECH has been the subject of a number of recent research reports. Zacks Investment Research downgraded BIO-TECHNE from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 15th. Craig Hallum upped their price objective on BIO-TECHNE from $160.00 to $215.00 and gave the company a “buy” rating in a report on Wednesday, August 8th. BidaskClub downgraded BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 28th. Argus assumed coverage on BIO-TECHNE in a report on Friday, June 15th. They issued a “buy” rating and a $185.00 price objective for the company. Finally, Citigroup upped their price objective on BIO-TECHNE from $160.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, August 9th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $185.57.
BIO-TECHNE Company Profile
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates through three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers native and recombinant proteins, monoclonal and polyclonal antibodies, immunoassays, biologically active chemical compounds, and in situ genomic hybridization assays for the research and clinical diagnostics markets.
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