Weitz Investment Management Inc. Boosts Position in Bio-Techne Co. (NASDAQ:TECH)

Weitz Investment Management Inc. lifted its position in Bio-Techne Co. (NASDAQ:TECH) by 707.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 381,250 shares of the biotechnology company’s stock after buying an additional 334,050 shares during the quarter. Bio-Techne makes up approximately 1.4% of Weitz Investment Management Inc.’s portfolio, making the stock its 29th biggest holding. Weitz Investment Management Inc. owned approximately 0.24% of Bio-Techne worth $27,461,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TECH. Townsquare Capital LLC lifted its stake in Bio-Techne by 13.5% in the 3rd quarter. Townsquare Capital LLC now owns 6,883 shares of the biotechnology company’s stock worth $550,000 after purchasing an additional 820 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Bio-Techne in the third quarter worth $434,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Bio-Techne by 22.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,735 shares of the biotechnology company’s stock worth $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 boosted its stake in Bio-Techne by 2.8% during 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 buying an additional 20,277 shares during the period. Finally, Public Sector Pension Investment Board grew its position 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 buying an additional 700 shares in the last quarter. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Performance

NASDAQ TECH opened at $57.35 on Wednesday. The firm has a market cap of $9.07 billion, a price-to-earnings ratio of 57.93, a PEG ratio of 2.88 and a beta of 1.30. The company has a 50-day simple moving average of $65.79 and a two-hundred day simple moving average of $71.21. The company has a quick ratio of 2.77, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. Bio-Techne Co. has a 12-month low of $56.54 and a 12-month high of $85.57.

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

Bio-Techne Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Evercore ISI assumed coverage on Bio-Techne in a report on Tuesday, March 18th. They issued an “outperform” rating and a $75.00 price target on the stock. Citigroup lowered their target price on shares of Bio-Techne from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Scotiabank lifted 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 report on Thursday, February 6th. Royal Bank of Canada increased their price target on shares of Bio-Techne from $79.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, February 6th. Finally, StockNews.com downgraded shares of Bio-Techne from a “buy” rating to a “hold” rating in a report on Wednesday, March 26th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Insider Transactions at Bio-Techne

In other news, Director Amy E. Herr sold 1,860 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 1,976 shares of the company’s stock, valued at approximately $130,336.96. This trade represents a 48.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kim Kelderman sold 13,392 shares of Bio-Techne stock in a transaction dated 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 sale, the chief executive officer now directly owns 39,004 shares in the company, valued at $3,014,619.16. The trade was a 25.56 % 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 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.