Fred Alger Management LLC Has $60.03 Million Holdings in Bio-Techne Co. (NASDAQ:TECH)

Fred Alger Management LLC raised its holdings in Bio-Techne Co. (NASDAQ:TECH) by 2.4% in the second quarter, Holdings Channel reports. The fund owned 837,799 shares of the biotechnology company’s stock after acquiring an additional 19,675 shares during the period. Fred Alger Management LLC’s holdings in Bio-Techne were worth $60,028,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TECH. Itau Unibanco Holding S.A. acquired a new position in shares of Bio-Techne in the 2nd quarter valued at approximately $25,000. Brown Brothers Harriman & Co. boosted its holdings in shares of Bio-Techne by 922.5% in the second quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock valued at $29,000 after buying an additional 369 shares during the period. Industrial Alliance Investment Management Inc. bought a new stake in shares of Bio-Techne during the second quarter worth $31,000. Mather Group LLC. acquired a new stake in shares of Bio-Techne during the first quarter worth $38,000. Finally, DT Investment Partners LLC bought a new stake in Bio-Techne in the 2nd quarter valued at $36,000. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Stock Up 0.3 %

NASDAQ:TECH opened at $77.42 on Wednesday. Bio-Techne Co. has a twelve month low of $51.79 and a twelve month high of $85.57. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 61.44, a price-to-earnings-growth ratio of 5.58 and a beta of 1.27. The company has a quick ratio of 2.75, a current ratio of 3.87 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $75.20 and its two-hundred day moving average price is $73.99.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.49. The business had revenue of $306.10 million for the quarter, compared to the consensus estimate of $306.49 million. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. Equities research analysts expect that Bio-Techne Co. will post 1.7 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.32 annualized dividend and a yield of 0.41%. Bio-Techne’s dividend payout ratio is 25.40%.

Wall Street Analyst Weigh In

TECH has been the subject of a number of research reports. Benchmark reiterated a “buy” rating and set a $95.00 target price on shares of Bio-Techne in a report on Tuesday, August 13th. Royal Bank of Canada decreased their price objective on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Finally, Robert W. Baird boosted their target price on Bio-Techne from $81.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.60.

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.