Allspring Global Investments Holdings LLC lifted its position in Bio-Techne Co. (NASDAQ:TECH - Free Report) by 12.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 736,340 shares of the biotechnology company's stock after purchasing an additional 79,629 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.46% of Bio-Techne worth $52,641,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Point72 Asset Management L.P. bought a new position in shares of Bio-Techne during the third quarter valued at $89,724,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Bio-Techne by 21.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,040,840 shares of the biotechnology company's stock valued at $147,002,000 after acquiring an additional 354,478 shares during the period. Point72 DIFC Ltd bought a new position in shares of Bio-Techne during the third quarter valued at $20,071,000. First Citizens Bank & Trust Co. lifted its holdings in shares of Bio-Techne by 4,392.8% during the fourth quarter. First Citizens Bank & Trust Co. now owns 123,013 shares of the biotechnology company's stock valued at $8,861,000 after acquiring an additional 120,275 shares during the period. Finally, Broadcrest Asset Management LLC lifted its holdings in shares of Bio-Techne by 100.0% during the third quarter. Broadcrest Asset Management LLC now owns 200,000 shares of the biotechnology company's stock valued at $15,986,000 after acquiring an additional 100,000 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have issued reports on TECH. Royal Bank of Canada lifted their price objective on Bio-Techne from $79.00 to $80.00 and gave the company a "sector perform" rating in a report on Thursday, February 6th. Robert W. Baird lifted their price objective on Bio-Techne from $82.00 to $84.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Scotiabank lifted their price objective on Bio-Techne from $88.00 to $90.00 and gave the company a "sector outperform" rating in a report on Thursday, February 6th. KeyCorp raised their target price on Bio-Techne from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Thursday, February 6th. Finally, StockNews.com upgraded Bio-Techne from a "hold" rating to a "buy" rating in a research note on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $86.57.
Read Our Latest Research Report on TECH
In related news, CEO Kim Kelderman sold 13,392 shares of Bio-Techne stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $77.29, for a total value of $1,035,067.68. Following the completion of the sale, the chief executive officer now directly owns 39,004 shares in the company, valued at $3,014,619.16. This trade represents a 25.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.90% of the company's stock.
Shares of TECH stock opened at $66.77 on Friday. The stock has a 50-day moving average price of $74.14 and a 200 day moving average price of $74.11. The company has a quick ratio of 3.26, a current ratio of 3.94 and a debt-to-equity ratio of 0.14. The firm has a market cap of $10.61 billion, a price-to-earnings ratio of 67.44, a PEG ratio of 5.54 and a beta of 1.27. Bio-Techne Co. has a 12 month low of $61.16 and a 12 month high of $85.57.
Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The biotechnology company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. Research analysts expect that Bio-Techne Co. will post 1.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Monday, February 17th will be given a $0.08 dividend. The ex-dividend date is Friday, February 14th. This represents a $0.32 dividend on an annualized basis and a yield of 0.48%. Bio-Techne's payout ratio is 32.32%.
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.
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