Private Advisor Group LLC Reduces Stock Position in Bio-Techne Co. (NASDAQ:TECH)

Private Advisor Group LLC cut its holdings in shares of Bio-Techne Co. (NASDAQ:TECH) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,307 shares of the biotechnology company’s stock after selling 671 shares during the quarter. Private Advisor Group LLC’s holdings in Bio-Techne were worth $1,623,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Signaturefd LLC grew its position in shares of Bio-Techne by 8.4% in the 3rd quarter. Signaturefd LLC now owns 2,895 shares of the biotechnology company’s stock worth $231,000 after acquiring an additional 225 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Bio-Techne in the 3rd quarter worth approximately $218,000. Berry Wealth Group LP grew its position in shares of Bio-Techne by 15.4% in the 3rd quarter. Berry Wealth Group LP now owns 4,003 shares of the biotechnology company’s stock worth $320,000 after acquiring an additional 535 shares in the last quarter. Raymond James & Associates grew its position in shares of Bio-Techne by 2.4% in the 3rd quarter. Raymond James & Associates now owns 356,597 shares of the biotechnology company’s stock worth $28,503,000 after acquiring an additional 8,457 shares in the last quarter. Finally, Trust Point Inc. grew its position in shares of Bio-Techne by 3.9% in the 3rd quarter. Trust Point Inc. now owns 8,705 shares of the biotechnology company’s stock worth $696,000 after acquiring an additional 326 shares in the last quarter. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Up 7.5 %

Shares of Bio-Techne stock opened at $76.02 on Thursday. The business’s fifty day moving average price is $73.58 and its two-hundred day moving average price is $74.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.87 and a quick ratio of 2.75. The company has a market capitalization of $11.98 billion, a P/E ratio of 60.33, a PEG ratio of 4.96 and a beta of 1.27. Bio-Techne Co. has a 1-year low of $51.79 and a 1-year high of $85.57.

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

Bio-Techne Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 11th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. Bio-Techne’s payout ratio is currently 25.40%.

Analyst Upgrades and Downgrades

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

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.