Bridgewater Associates LP lowered its stake in BIO-TECHNE Corp (NASDAQ:TECH) by 74.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,933 shares of the biotechnology company’s stock after selling 5,703 shares during the quarter. Bridgewater Associates LP’s holdings in BIO-TECHNE were worth $395,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new stake in BIO-TECHNE during the 2nd quarter valued at $2,773,000. Janney Montgomery Scott LLC acquired a new stake in BIO-TECHNE during the 2nd quarter valued at $780,000. Aperio Group LLC raised its stake in BIO-TECHNE by 2.7% during the 2nd quarter. Aperio Group LLC now owns 36,108 shares of the biotechnology company’s stock valued at $5,342,000 after purchasing an additional 934 shares during the period. Commonwealth Equity Services LLC raised its stake in BIO-TECHNE by 161.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 10,456 shares of the biotechnology company’s stock valued at $1,547,000 after purchasing an additional 6,456 shares during the period. Finally, Victory Capital Management Inc. raised its stake in BIO-TECHNE by 13.3% during the 2nd quarter. Victory Capital Management Inc. now owns 27,917 shares of the biotechnology company’s stock valued at $4,130,000 after purchasing an additional 3,282 shares during the period. Institutional investors and hedge funds own 93.90% of the company’s stock.
Several research firms have recently commented on TECH. Zacks Investment Research cut shares of BIO-TECHNE from a “buy” rating to a “hold” rating in a report on Tuesday, November 6th. Goldman Sachs Group set a $165.00 price target on shares of BIO-TECHNE and gave the company a “hold” rating in a report on Friday, November 30th. Citigroup boosted their price target on shares of BIO-TECHNE from $160.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, August 9th. BidaskClub cut shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. Finally, Argus boosted their price target on shares of BIO-TECHNE from $210.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, October 2nd. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $181.00.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.95 by $0.03. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The business had revenue of $163.00 million for the quarter, compared to analysts’ expectations of $162.34 million. During the same period in the previous year, the company posted $0.90 EPS. BIO-TECHNE’s revenue was up 12.7% on a year-over-year basis. As a group, equities analysts expect that BIO-TECHNE Corp will post 3.79 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 23rd. Stockholders of record on Friday, November 9th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.80%. The ex-dividend date was Thursday, November 8th. BIO-TECHNE’s dividend payout ratio is currently 31.45%.
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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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