PEAK6 LLC Takes Position in Bio-Techne Corp $TECH

PEAK6 LLC purchased a new stake in shares of Bio-Techne Corp (NASDAQ:TECH) during the second quarter, Holdings Channel.com reports. The fund purchased 67,942 shares of the biotechnology company’s stock, valued at approximately $4,800,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TECH. Bank of Nova Scotia bought a new stake in Bio-Techne in the 2nd quarter worth about $486,000. Commerce Bank bought a new position in shares of Bio-Techne during the 2nd quarter worth approximately $2,374,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Bio-Techne during the 2nd quarter worth approximately $117,000. Quantbot Technologies LP purchased a new position in shares of Bio-Techne in the 2nd quarter worth approximately $3,730,000. Finally, Evolve Private Wealth LLC purchased a new position in shares of Bio-Techne in the 2nd quarter worth approximately $498,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Robert W. Baird increased their price target on Bio-Techne from $49.00 to $73.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Stifel Nicolaus set a $50.00 price objective on Bio-Techne in a research report on Thursday, May 7th. Leerink Partners set a $73.00 price objective on Bio-Techne in a research note on Thursday, June 25th. Deutsche Bank Aktiengesellschaft lowered Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 target price for the company. in a research report on Friday, June 26th. Finally, Stephens set a $73.00 target price on Bio-Techne and gave the stock an “equal weight” rating in a research note on Friday, June 26th. Two research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bio-Techne has an average rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.32 on Monday. The business’s 50 day simple moving average is $69.28 and its 200 day simple moving average is $59.50. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 62.89, a PEG ratio of 8.61 and a beta of 1.28. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last released its earnings results on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.52. The business had revenue of $321.19 million during the quarter, compared to the consensus estimate of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period last year, the business posted $0.53 earnings per share. Sell-side analysts forecast that Bio-Techne Corp will post 1.76 EPS for the current year.

Bio-Techne Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Monday, August 24th will be issued a $0.65 dividend. This is an increase from Bio-Techne’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, August 24th. This represents a $2.60 annualized dividend and a yield of 3.6%. Bio-Techne’s payout ratio is 27.83%.

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.