BIO-TECHNE Corp (TECH) Stake Lessened by Jackson Square Partners LLC
Jackson Square Partners LLC lowered its position in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 1.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 805,121 shares of the biotechnology company’s stock after selling 13,799 shares during the period. Jackson Square Partners LLC owned approximately 2.13% of BIO-TECHNE worth $164,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in TECH. Sun Life Financial INC acquired a new stake in BIO-TECHNE in the 2nd quarter valued at approximately $442,000. Fort L.P. acquired a new stake in BIO-TECHNE in the 2nd quarter valued at approximately $115,000. Public Employees Retirement System of Ohio increased its holdings in BIO-TECHNE by 8.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 47,861 shares of the biotechnology company’s stock valued at $7,081,000 after purchasing an additional 3,744 shares during the last quarter. Conestoga Capital Advisors LLC increased its holdings in BIO-TECHNE by 13.6% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 309,282 shares of the biotechnology company’s stock valued at $63,128,000 after purchasing an additional 36,915 shares during the last quarter. Finally, BB&T Corp acquired a new stake in BIO-TECHNE in the 3rd quarter valued at approximately $234,000. Institutional investors and hedge funds own 92.37% of the company’s stock.
Several analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of BIO-TECHNE from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Argus lifted their target price 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. BidaskClub downgraded shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 4th. ValuEngine upgraded shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. Finally, Goldman Sachs Group assumed coverage on shares of BIO-TECHNE in a research note on Wednesday, October 17th. They issued a “neutral” rating and a $190.00 price target for the company. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $184.13.
NASDAQ:TECH opened at $155.15 on Tuesday. The firm has a market capitalization of $6.05 billion, a price-to-earnings ratio of 38.12, a price-to-earnings-growth ratio of 2.82 and a beta of 1.04. The company has a debt-to-equity ratio of 0.49, a current ratio of 4.59 and a quick ratio of 3.50. BIO-TECHNE Corp has a 52 week low of $125.84 and a 52 week high of $206.04.
BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings results on Tuesday, October 30th. The biotechnology company reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.03. The business had revenue of $163.00 million during the quarter, compared to the consensus estimate of $162.34 million. BIO-TECHNE had a net margin of 19.19% and a return on equity of 14.09%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. On average, sell-side analysts anticipate that BIO-TECHNE Corp will post 3.79 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, November 8th. This represents a $1.28 annualized dividend and a dividend yield of 0.83%. BIO-TECHNE’s dividend payout ratio (DPR) is 31.45%.
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 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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