State Board of Administration of Florida Retirement System increased its holdings in shares of Bio-Techne Co. (NASDAQ:TECH) by 7.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,924 shares of the biotechnology company’s stock after purchasing an additional 3,633 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.13% of Bio-Techne worth $22,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also added to or reduced their stakes in the company. Montanaro Asset Management Ltd purchased a new stake in Bio-Techne during the 1st quarter valued at $29,485,000. Swiss National Bank grew its stake in shares of Bio-Techne by 79.5% during the 2nd quarter. Swiss National Bank now owns 158,300 shares of the biotechnology company’s stock valued at $71,276,000 after purchasing an additional 70,089 shares during the period. Victory Capital Management Inc. increased its position in shares of Bio-Techne by 15.7% during the 1st quarter. Victory Capital Management Inc. now owns 27,149 shares of the biotechnology company’s stock valued at $10,369,000 after purchasing an additional 3,694 shares during the last quarter. Achmea Investment Management B.V. bought a new position in shares of Bio-Techne in the 2nd quarter worth approximately $964,000. Finally, Fort L.P. boosted its holdings in shares of Bio-Techne by 5.0% in the first quarter. Fort L.P. now owns 5,658 shares of the biotechnology company’s stock worth $2,161,000 after buying an additional 270 shares during the last quarter. 93.11% of the stock is currently owned by institutional investors.
Shares of TECH opened at $529.46 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.35 and a quick ratio of 2.59. The stock has a market capitalization of $20.69 billion, a price-to-earnings ratio of 152.58, a price-to-earnings-growth ratio of 3.56 and a beta of 1.13. Bio-Techne Co. has a 1 year low of $228.66 and a 1 year high of $532.94. The business’s 50 day simple moving average is $484.15 and its 200-day simple moving average is $436.57.
The business also recently declared a quarterly dividend, which was paid on Friday, August 27th. Investors of record on Monday, August 16th were issued a dividend of $0.32 per share. The ex-dividend date was Friday, August 13th. This represents a $1.28 annualized dividend and a yield of 0.24%. Bio-Techne’s payout ratio is presently 22.34%.
In related news, CFO James Hippel sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $507.22, for a total value of $5,072,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Brenda S. Furlow sold 3,538 shares of Bio-Techne stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $473.95, for a total value of $1,676,835.10. Following the sale, the senior vice president now directly owns 10,359 shares of the company’s stock, valued at $4,909,648.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 50,947 shares of company stock valued at $24,836,635. 3.80% of the stock is owned by corporate insiders.
A number of analysts have commented on TECH shares. Zacks Investment Research cut Bio-Techne from a “buy” rating to a “hold” rating in a research report on Tuesday, September 7th. Benchmark upped their price target on shares of Bio-Techne from $480.00 to $540.00 and gave the stock a “buy” rating in a research report on Thursday, August 5th. SVB Leerink raised their price objective on shares of Bio-Techne from $450.00 to $480.00 and gave the company an “outperform” rating in a research report on Tuesday, June 29th. Argus increased their price target on Bio-Techne from $490.00 to $540.00 and gave the stock a “buy” rating in a research note on Tuesday, August 24th. Finally, Robert W. Baird boosted their price objective on Bio-Techne from $430.00 to $522.00 and gave the company an “outperform” rating in a research report on Friday, August 6th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $459.91.
Bio-Techne Company Profile
Bio-Techne Corp. engages in the development, manufacture and sale of biotechnology reagents and instruments for the research and clinical diagnostic markets. It operates through the following segments: Protein Sciences and Diagnostics &Genomics. The Protein Sciences segment develops and manufactures purified proteins and reagent solutions most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies.
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