Allspring Global Investments Holdings LLC Has $90.67 Million Position in Bio-Techne Co. (NASDAQ:TECH)

Allspring Global Investments Holdings LLC reduced its holdings in Bio-Techne Co. (NASDAQ:TECH) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,288,157 shares of the biotechnology company’s stock after selling 21,138 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.82% of Bio-Techne worth $90,673,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. CVA Family Office LLC acquired a new position in Bio-Techne in the fourth quarter valued at approximately $31,000. Mather Group LLC. bought a new stake in Bio-Techne in the first quarter valued at approximately $38,000. First Horizon Advisors Inc. increased its stake in Bio-Techne by 57.9% in the fourth quarter. First Horizon Advisors Inc. now owns 521 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 191 shares in the last quarter. GAMMA Investing LLC bought a new stake in Bio-Techne in the fourth quarter valued at approximately $44,000. Finally, Federated Hermes Inc. bought a new stake in Bio-Techne in the third quarter valued at approximately $47,000. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Stock Performance

Shares of NASDAQ TECH traded down $0.47 during mid-day trading on Tuesday, reaching $71.14. 61,137 shares of the company were exchanged, compared to its average volume of 1,096,358. The company’s 50-day simple moving average is $75.99 and its 200-day simple moving average is $73.02. The company has a quick ratio of 2.88, a current ratio of 4.08 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $11.21 billion, a P/E ratio of 56.83, a P/E/G ratio of 8.61 and a beta of 1.29. Bio-Techne Co. has a twelve month low of $51.79 and a twelve month high of $89.91.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.03. Bio-Techne had a net margin of 17.59% and a return on equity of 13.60%. The business had revenue of $303.43 million for the quarter, compared to analyst estimates of $292.36 million. During the same period last year, the firm earned $0.47 earnings per share. Bio-Techne’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, research analysts predict that Bio-Techne Co. will post 1.56 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 13th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Friday, May 10th. Bio-Techne’s dividend payout ratio is 25.40%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TECH shares. Robert W. Baird increased their price objective on shares of Bio-Techne from $73.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Bio-Techne from $85.00 to $82.00 and set a “buy” rating for the company in a research report on Thursday, April 18th. Benchmark reissued a “buy” rating and set a $95.00 price objective on shares of Bio-Techne in a research report on Thursday, May 2nd. Finally, Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and set a $85.00 price objective for the company. in a research report on Wednesday, May 22nd. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.00.

About Bio-Techne

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.