Handelsinvest Investeringsforvaltning Reduces Position in Bio-Techne Co. (NASDAQ:TECH)

Handelsinvest Investeringsforvaltning cut its position in Bio-Techne Co. (NASDAQ:TECH) by 34.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,511 shares of the biotechnology company’s stock after selling 2,342 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Bio-Techne were worth $318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of TECH. Federated Hermes Inc. purchased a new position in shares of Bio-Techne in the 3rd quarter valued at $47,000. O Shaughnessy Asset Management LLC purchased a new position in shares of Bio-Techne in the 3rd quarter valued at $321,000. Tower Research Capital LLC TRC grew its position in shares of Bio-Techne by 33.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 12,848 shares of the biotechnology company’s stock valued at $875,000 after buying an additional 3,198 shares during the last quarter. Bank of Nova Scotia grew its position in shares of Bio-Techne by 14.2% in the 3rd quarter. Bank of Nova Scotia now owns 14,613 shares of the biotechnology company’s stock valued at $995,000 after buying an additional 1,821 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Bio-Techne by 33.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 10,276 shares of the biotechnology company’s stock valued at $699,000 after buying an additional 2,592 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Bio-Techne Stock Up 0.3 %

Shares of NASDAQ:TECH opened at $71.45 on Thursday. The company has a market cap of $11.26 billion, a price-to-earnings ratio of 56.71, a PEG ratio of 7.38 and a beta of 1.29. The firm’s 50-day simple moving average is $76.30 and its 200-day simple moving average is $72.98. The company has a quick ratio of 2.88, a current ratio of 4.08 and a debt-to-equity ratio of 0.19. Bio-Techne Co. has a fifty-two week low of $51.79 and a fifty-two week high of $89.91.

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

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Monday, May 13th were issued 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 currently 25.40%.

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.