Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Bio-Techne Corp $TECH

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in shares of Bio-Techne Corp (NASDAQ:TECH) by 13.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,054,294 shares of the biotechnology company’s stock after selling 313,868 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 1.31% of Bio-Techne worth $107,357,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TECH. Morgan Stanley lifted its position in shares of Bio-Techne by 15.3% in the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock valued at $490,794,000 after acquiring an additional 1,107,536 shares in the last quarter. State Street Corp increased its position in Bio-Techne by 1.0% during the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock valued at $341,806,000 after acquiring an additional 58,639 shares during the last quarter. Wellington Management Group LLP grew its holdings in Bio-Techne by 12.1% during the 4th quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock valued at $337,219,000 after purchasing an additional 618,916 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Bio-Techne by 21.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,075,194 shares of the biotechnology company’s stock worth $239,663,000 after buying an additional 725,050 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Bio-Techne by 164.4% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,012,818 shares of the biotechnology company’s stock valued at $235,994,000 after purchasing an additional 2,495,328 shares during the period. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TECH has been the subject of several recent analyst reports. Piper Sandler initiated coverage on shares of Bio-Techne in a research note on Thursday, June 11th. They set a “neutral” rating and a $65.00 price objective for the company. Zacks Research cut Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Leerink Partners set a $73.00 price target on Bio-Techne in a report on Thursday, June 25th. Royal Bank Of Canada cut shares of Bio-Techne from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $62.00 to $73.00 in a research report on Thursday. Finally, William Blair downgraded shares of Bio-Techne from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 25th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Bio-Techne has a consensus rating of “Hold” and a consensus target price of $68.08.

Bio-Techne Trading Up 0.2%

NASDAQ:TECH traded up $0.15 during mid-day trading on Friday, reaching $71.30. The company’s stock had a trading volume of 2,938,721 shares, compared to its average volume of 7,987,221. Bio-Techne Corp has a twelve month low of $43.19 and a twelve month high of $72.16. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.49 and a quick ratio of 3.18. The company’s fifty day simple moving average is $55.88 and its two-hundred day simple moving average is $57.94. The stock has a market cap of $11.16 billion, a P/E ratio of 103.33, a P/E/G ratio of 8.48 and a beta of 1.29.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). The firm had revenue of $311.42 million for the quarter, compared to analysts’ expectations of $316.11 million. Bio-Techne had a return on equity of 13.57% and a net margin of 9.05%.The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.56 EPS. On average, equities analysts predict that Bio-Techne Corp will post 1.65 EPS for the current year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $0.32 annualized dividend and a yield of 0.4%. Bio-Techne’s payout ratio is 46.38%.

Bio-Techne Company 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.