Bio-Techne Co. (NASDAQ:TECH) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in Bio-Techne Co. (NASDAQ:TECH) by 38.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 656,711 shares of the biotechnology company’s stock after selling 409,497 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.41% of Bio-Techne worth $52,491,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Raymond James & Associates raised its holdings in shares of Bio-Techne by 2.4% during the third quarter. Raymond James & Associates now owns 356,597 shares of the biotechnology company’s stock valued at $28,503,000 after acquiring an additional 8,457 shares during the last quarter. Trust Point Inc. raised its holdings in shares of Bio-Techne by 3.9% during the third quarter. Trust Point Inc. now owns 8,705 shares of the biotechnology company’s stock valued at $696,000 after acquiring an additional 326 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Bio-Techne by 1.8% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 16,347 shares of the biotechnology company’s stock valued at $1,307,000 after acquiring an additional 289 shares during the last quarter. Bleakley Financial Group LLC raised its holdings in shares of Bio-Techne by 6.0% during the third quarter. Bleakley Financial Group LLC now owns 3,773 shares of the biotechnology company’s stock valued at $302,000 after acquiring an additional 214 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Bio-Techne during the third quarter valued at approximately $185,000. Institutional investors and hedge funds own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TECH. Royal Bank of Canada reduced their target price on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a report on Thursday, August 8th. Robert W. Baird increased their price objective on Bio-Techne from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Finally, Benchmark reiterated a “buy” rating and issued a $95.00 price objective on shares of Bio-Techne in a research report on Tuesday, August 13th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.60.

Bio-Techne Trading Down 1.2 %

TECH opened at $70.36 on Tuesday. Bio-Techne Co. has a 52 week low of $51.79 and a 52 week high of $85.57. The business has a fifty day simple moving average of $74.09 and a 200-day simple moving average of $74.48. The firm has a market cap of $11.16 billion, a P/E ratio of 67.65, a P/E/G ratio of 5.15 and a beta of 1.27. The company has a quick ratio of 2.75, a current ratio of 3.87 and a debt-to-equity ratio of 0.15.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, August 7th. The biotechnology company reported $0.49 EPS for the quarter, hitting the consensus estimate of $0.49. The business had revenue of $306.10 million during the quarter, compared to analyst estimates of $306.49 million. Bio-Techne had a return on equity of 12.88% and a net margin of 14.50%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the business posted $0.56 earnings per share. On average, equities analysts expect that Bio-Techne Co. will post 1.7 earnings per share for the current year.

Bio-Techne Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Monday, August 19th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, August 19th. Bio-Techne’s payout ratio is currently 30.77%.

Bio-Techne Company 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.