Choreo LLC Makes New $309,000 Investment in Bio-Techne Co. (NASDAQ:TECH)

Choreo LLC bought a new stake in Bio-Techne Co. (NASDAQ:TECH) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,311 shares of the biotechnology company’s stock, valued at approximately $309,000.

Several other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its stake in Bio-Techne by 92.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,746,119 shares of the biotechnology company’s stock valued at $404,470,000 after acquiring an additional 2,755,065 shares during the last quarter. Brown Capital Management LLC raised its stake in shares of Bio-Techne by 12.4% during the fourth quarter. Brown Capital Management LLC now owns 3,550,990 shares of the biotechnology company’s stock worth $273,994,000 after purchasing an additional 392,986 shares during the last quarter. Mairs & Power Inc. lifted its holdings in shares of Bio-Techne by 0.8% during the fourth quarter. Mairs & Power Inc. now owns 3,079,483 shares of the biotechnology company’s stock worth $237,613,000 after purchasing an additional 25,903 shares during the period. Bank of New York Mellon Corp grew its position in Bio-Techne by 14.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,862,526 shares of the biotechnology company’s stock valued at $201,493,000 after buying an additional 351,645 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in Bio-Techne by 20.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,714,994 shares of the biotechnology company’s stock valued at $122,879,000 after buying an additional 290,510 shares during the period. Institutional investors and hedge funds own 98.95% of the company’s stock.

Bio-Techne Trading Up 0.7 %

Shares of TECH stock opened at $75.28 on Wednesday. Bio-Techne Co. has a fifty-two week low of $51.79 and a fifty-two week high of $85.57. 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 business has a fifty day simple moving average of $74.98 and a 200-day simple moving average of $73.89. The stock has a market cap of $11.86 billion, a P/E ratio of 59.90, a P/E/G ratio of 4.95 and a beta of 1.27.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.49. The company had revenue of $306.10 million during the quarter, compared to analysts’ expectations of $306.49 million. Bio-Techne had a net margin of 14.50% and a return on equity of 12.88%. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.56 earnings per share. On average, analysts forecast that Bio-Techne Co. will post 1.71 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date was Monday, August 19th. Bio-Techne’s payout ratio is 25.40%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TECH shares. Royal Bank of Canada reduced their target price on shares of 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. Citigroup lowered Bio-Techne from a “buy” rating to a “neutral” rating and set a $85.00 price objective on the stock. in a report on Wednesday, May 22nd. Robert W. Baird increased their target price on Bio-Techne from $81.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Finally, Benchmark restated a “buy” rating and issued a $95.00 price target on shares of Bio-Techne in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Bio-Techne currently has a consensus rating of “Moderate Buy” and a consensus price target 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.