Pentwater Capital Management LP Purchases Shares of 500,000 Bio-Techne Corp $TECH

Pentwater Capital Management LP acquired a new stake in Bio-Techne Corp (NASDAQ:TECH) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 500,000 shares of the biotechnology company’s stock, valued at approximately $35,325,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Bio-Techne during the 2nd quarter worth approximately $990,924,000. Morgan Stanley grew its holdings in Bio-Techne by 15.3% during the fourth quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after buying an additional 1,107,536 shares in the last quarter. State Street Corp boosted its holdings in Bio-Techne by 1.0% during the 4th quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock worth $341,806,000 after acquiring an additional 58,639 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Bio-Techne by 12.1% during the fourth 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 in the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in Bio-Techne by 23.1% during the first quarter. Maverick Capital Ltd. now owns 4,739,721 shares of the biotechnology company’s stock worth $247,698,000 after purchasing an additional 888,798 shares during the last quarter. Institutional investors and hedge funds own 98.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TECH. Piper Sandler began coverage on Bio-Techne in a report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 target price for the company. Deutsche Bank Aktiengesellschaft downgraded shares of 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. Evercore lowered Bio-Techne from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. TD Cowen lowered Bio-Techne from a “buy” rating to a “hold” rating and boosted their target price for the company from $65.00 to $73.00 in a research note on Monday, June 29th. Finally, Robert W. Baird lifted their price objective on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Bio-Techne has a consensus rating of “Hold” and a consensus target price of $68.92.

Bio-Techne Stock Up 0.1%

Shares of NASDAQ TECH opened at $72.38 on Thursday. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average of $70.28 and a 200-day moving average of $59.63. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 62.94, a PEG ratio of 8.62 and a beta of 1.28. Bio-Techne Corp has a 12 month low of $43.19 and a 12 month high of $72.62.

Bio-Techne (NASDAQ:TECH) last announced its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 EPS for the quarter, meeting the consensus estimate of $0.52. The firm had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a return on equity of 13.23% and a net margin of 14.97%.The company’s revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 EPS. Sell-side analysts expect that Bio-Techne Corp will post 1.76 earnings per share for the current fiscal year.

Bio-Techne Increases Dividend

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

About Bio-Techne

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.