Palisade Asset Management LLC grew its stake in BIO-TECHNE Corp (NASDAQ:TECH) by 3.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 15,599 shares of the biotechnology company’s stock after purchasing an additional 575 shares during the period. Palisade Asset Management LLC’s holdings in BIO-TECHNE were worth $3,097,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of TECH. Norges Bank acquired a new position in BIO-TECHNE in the 4th quarter worth about $70,995,000. Massachusetts Financial Services Co. MA raised its holdings in BIO-TECHNE by 18.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 803,633 shares of the biotechnology company’s stock worth $116,303,000 after purchasing an additional 125,665 shares during the period. American Century Companies Inc. raised its holdings in BIO-TECHNE by 331.1% in the 4th quarter. American Century Companies Inc. now owns 156,965 shares of the biotechnology company’s stock worth $22,716,000 after purchasing an additional 120,557 shares during the period. AQR Capital Management LLC raised its holdings in BIO-TECHNE by 99.5% in the 3rd quarter. AQR Capital Management LLC now owns 226,409 shares of the biotechnology company’s stock worth $46,212,000 after purchasing an additional 112,946 shares during the period. Finally, Deutsche Bank AG raised its holdings in BIO-TECHNE by 197.1% in the 4th quarter. Deutsche Bank AG now owns 159,043 shares of the biotechnology company’s stock worth $23,013,000 after purchasing an additional 105,512 shares during the period. 94.08% of the stock is owned by institutional investors and hedge funds.
NASDAQ:TECH traded down $0.88 during trading hours on Monday, hitting $200.62. 101,700 shares of the stock were exchanged, compared to its average volume of 198,113. BIO-TECHNE Corp has a 52-week low of $132.75 and a 52-week high of $206.04. The company has a current ratio of 4.35, a quick ratio of 3.31 and a debt-to-equity ratio of 0.49. The firm has a market cap of $7.64 billion, a P/E ratio of 49.29, a price-to-earnings-growth ratio of 4.57 and a beta of 1.25.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings data on Tuesday, February 5th. The biotechnology company reported $1.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.08. BIO-TECHNE had a return on equity of 13.90% and a net margin of 14.02%. The company had revenue of $174.50 million during the quarter, compared to analyst estimates of $171.39 million. During the same period in the previous year, the business earned $1.02 EPS. BIO-TECHNE’s quarterly revenue was up 13.2% on a year-over-year basis. On average, research analysts forecast that BIO-TECHNE Corp will post 3.68 earnings per share for the current year.
A number of equities analysts recently weighed in on TECH shares. Stephens raised BIO-TECHNE from an “equal weight” rating to an “overweight” rating and set a $180.00 price target for the company in a report on Monday, January 14th. BidaskClub upgraded BIO-TECHNE from a “sell” rating to a “hold” rating in a research note on Tuesday, January 15th. Craig Hallum reiterated a “hold” rating and set a $179.00 price objective (up from $154.00) on shares of BIO-TECHNE in a research note on Tuesday, February 5th. ValuEngine upgraded BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 5th. Finally, Argus reiterated a “buy” rating on shares of BIO-TECHNE in a research note on Monday, March 4th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. BIO-TECHNE presently has an average rating of “Buy” and a consensus target price of $188.13.
Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.
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