Bio-Techne Co. (NASDAQ:TECH) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in Bio-Techne Co. (NASDAQ:TECH) by 2.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,360 shares of the biotechnology company’s stock after selling 479 shares during the period. Truist Financial Corp’s holdings in Bio-Techne were worth $1,530,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. First City Capital Management Inc. increased its position in Bio-Techne by 6.2% during the first quarter. First City Capital Management Inc. now owns 3,185 shares of the biotechnology company’s stock worth $224,000 after buying an additional 185 shares during the period. Empirical Finance LLC raised its position in Bio-Techne by 5.2% in the 1st quarter. Empirical Finance LLC now owns 3,957 shares of the biotechnology company’s stock valued at $279,000 after purchasing an additional 195 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Bio-Techne by 12.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,917 shares of the biotechnology company’s stock worth $137,000 after purchasing an additional 205 shares during the period. Wahed Invest LLC boosted its stake in Bio-Techne by 9.0% during the 4th quarter. Wahed Invest LLC now owns 2,652 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 220 shares during the period. Finally, Janney Montgomery Scott LLC grew its position in Bio-Techne by 2.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,164 shares of the biotechnology company’s stock worth $715,000 after purchasing an additional 227 shares during the last quarter. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

Bio-Techne stock opened at $73.36 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.75 and a current ratio of 3.87. Bio-Techne Co. has a one year low of $51.79 and a one year high of $85.57. The company has a market cap of $11.64 billion, a P/E ratio of 70.54, a price-to-earnings-growth ratio of 5.27 and a beta of 1.27. The business has a fifty day moving average of $74.35 and a two-hundred day moving average of $74.33.

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

Bio-Techne Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Monday, August 19th. Bio-Techne’s payout ratio is 23.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Benchmark reiterated a “buy” rating and set a $95.00 target price on shares of Bio-Techne in a research note on Tuesday, August 13th. Robert W. Baird lifted 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. Finally, Royal Bank of Canada cut their price target on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company 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.