PNC Financial Services Group Inc. Increases Stock Position in Bio-Techne Co. (NASDAQ:TECH)

PNC Financial Services Group Inc. boosted its stake in Bio-Techne Co. (NASDAQ:TECH) by 8.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 144,710 shares of the biotechnology company’s stock after acquiring an additional 11,450 shares during the period. PNC Financial Services Group Inc.’s holdings in Bio-Techne were worth $11,166,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CVA Family Office LLC purchased a new stake in Bio-Techne in the fourth quarter valued at $31,000. First Horizon Advisors Inc. raised its holdings in shares of 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 buying an additional 191 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of Bio-Techne in the fourth quarter valued at about $44,000. Federated Hermes Inc. purchased a new stake in shares of Bio-Techne in the third quarter valued at about $47,000. Finally, Clear Street Markets LLC raised its holdings in shares of Bio-Techne by 255.8% in the third quarter. Clear Street Markets LLC now owns 733 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 527 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Trading Down 0.4 %

Shares of TECH opened at $74.54 on Wednesday. The company has a current ratio of 4.08, a quick ratio of 2.88 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average is $74.53 and its two-hundred day moving average is $72.75. Bio-Techne Co. has a twelve month low of $51.79 and a twelve month high of $89.91. The firm has a market capitalization of $11.75 billion, a P/E ratio of 59.16, a PEG ratio of 8.99 and a beta of 1.29.

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

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 13th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 10th. This represents a $0.32 annualized dividend and a yield of 0.43%. Bio-Techne’s payout ratio is currently 25.40%.

Analysts Set New Price Targets

A number of brokerages have recently commented on TECH. Robert W. Baird upped their target price on shares of Bio-Techne from $73.00 to $81.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bio-Techne from $85.00 to $82.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Benchmark reaffirmed a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a report on Thursday, May 2nd. Finally, Citigroup cut shares of Bio-Techne from a “buy” rating to a “neutral” rating and set a $85.00 target price for the company. in a report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.