DnB Asset Management AS Acquires 1,366 Shares of Bio-Techne Co. (NASDAQ:TECH)

DnB Asset Management AS grew its holdings in Bio-Techne Co. (NASDAQ:TECH) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,444 shares of the biotechnology company’s stock after buying an additional 1,366 shares during the quarter. DnB Asset Management AS’s holdings in Bio-Techne were worth $1,977,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Townsquare Capital LLC lifted its stake in Bio-Techne by 13.5% during the third quarter. Townsquare Capital LLC now owns 6,883 shares of the biotechnology company’s stock worth $550,000 after purchasing an additional 820 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Bio-Techne during the 3rd quarter worth approximately $434,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Bio-Techne by 22.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,735 shares of the biotechnology company’s stock valued at $2,776,000 after buying an additional 6,462 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Bio-Techne by 2.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 754,344 shares of the biotechnology company’s stock valued at $60,295,000 after acquiring an additional 20,277 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Bio-Techne by 11.4% during the third quarter. Public Sector Pension Investment Board now owns 6,830 shares of the biotechnology company’s stock worth $546,000 after acquiring an additional 700 shares in the last quarter. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Down 2.2 %

Shares of TECH opened at $57.35 on Wednesday. The business’s fifty day moving average price is $65.79 and its two-hundred day moving average price is $71.21. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 57.93, a PEG ratio of 2.88 and a beta of 1.30. Bio-Techne Co. has a 52 week low of $56.60 and a 52 week high of $85.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.77 and a current ratio of 3.94.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings results on Wednesday, February 5th. The biotechnology company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.03). Bio-Techne had a net margin of 13.22% and a return on equity of 12.73%. On average, analysts predict that Bio-Techne Co. will post 1.67 earnings per share for the current year.

Bio-Techne Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 17th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend was Friday, February 14th. Bio-Techne’s dividend payout ratio is 32.32%.

Analyst Upgrades and Downgrades

TECH has been the topic of several recent analyst reports. Scotiabank boosted their target price on shares of Bio-Techne from $88.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Thursday, February 6th. Citigroup reduced their price target on shares of Bio-Techne from $80.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Evercore ISI initiated coverage on shares of Bio-Techne in a report on Tuesday, March 18th. They set an “outperform” rating and a $75.00 price objective for the company. KeyCorp boosted their target price on Bio-Techne from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 6th. Finally, Robert W. Baird cut Bio-Techne from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $88.00 to $68.00 in a report on Wednesday, February 19th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Insider Activity at Bio-Techne

In other Bio-Techne news, CEO Kim Kelderman sold 13,392 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $77.29, for a total transaction of $1,035,067.68. Following the completion of the sale, the chief executive officer now owns 39,004 shares in the company, valued at approximately $3,014,619.16. The trade was a 25.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy E. Herr sold 1,860 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $65.96, for a total value of $122,685.60. Following the completion of the transaction, the director now directly owns 1,976 shares in the company, valued at approximately $130,336.96. This trade represents a 48.49 % decrease in their position. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by company insiders.

Bio-Techne Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.