Envestnet Asset Management Inc. Cuts Holdings in Bio-Techne Co. (NASDAQ:TECH)

Envestnet Asset Management Inc. trimmed its holdings in shares of Bio-Techne Co. (NASDAQ:TECH) by 1.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 383,931 shares of the biotechnology company’s stock after selling 5,149 shares during the period. Envestnet Asset Management Inc.’s holdings in Bio-Techne were worth $27,509,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $31,000. DT Investment Partners LLC acquired a new stake in shares of Bio-Techne in the 2nd quarter worth approximately $36,000. Mather Group LLC. acquired a new stake in shares of Bio-Techne in the 1st quarter worth approximately $38,000. Versant Capital Management Inc grew its holdings in shares of Bio-Techne by 1,427.8% in the 2nd quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 514 shares during the period. Finally, YHB Investment Advisors Inc. acquired a new stake in shares of Bio-Techne in the 1st quarter worth approximately $43,000. 98.95% of the stock is owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

TECH stock opened at $78.30 on Friday. Bio-Techne Co. has a 52-week low of $51.79 and a 52-week high of $85.57. The stock’s fifty day simple moving average is $75.25 and its 200-day simple moving average is $73.99. 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 stock has a market capitalization of $12.34 billion, a price-to-earnings ratio of 62.14, a price-to-earnings-growth ratio of 5.06 and a beta of 1.27.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, August 7th. The biotechnology company reported $0.49 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.49. Bio-Techne had a return on equity of 12.88% and a net margin of 14.50%. The business had revenue of $306.10 million for the quarter, compared to analysts’ expectations of $306.49 million. During the same quarter last year, the firm earned $0.56 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. Equities research analysts expect that Bio-Techne Co. will post 1.71 EPS for the current year.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 19th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Monday, August 19th. Bio-Techne’s dividend payout ratio (DPR) is 25.40%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada lowered their price target on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a report on Thursday, August 8th. Benchmark restated a “buy” rating and issued a $95.00 price target on shares of Bio-Techne in a report on Tuesday, August 13th. Finally, Robert W. Baird increased their target price on Bio-Techne from $81.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.