abrdn plc Purchases 2,492 Shares of Bio-Techne Co. (NASDAQ:TECH)

abrdn plc lifted its position in shares of Bio-Techne Co. (NASDAQ:TECH) by 5.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,042 shares of the biotechnology company’s stock after purchasing an additional 2,492 shares during the period. abrdn plc’s holdings in Bio-Techne were worth $3,799,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TECH. Itau Unibanco Holding S.A. bought a new position in shares of Bio-Techne during the 2nd quarter worth approximately $25,000. Brown Brothers Harriman & Co. increased its position in shares of Bio-Techne by 922.5% during the second quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock valued at $29,000 after acquiring an additional 369 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in Bio-Techne during the second quarter worth $31,000. DT Investment Partners LLC purchased a new position in Bio-Techne in the second quarter worth $36,000. Finally, Versant Capital Management Inc grew its stake in Bio-Techne by 1,427.8% in the 2nd quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock valued at $39,000 after purchasing an additional 514 shares during the period. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Price Performance

Bio-Techne stock opened at $75.31 on Monday. The firm has a market capitalization of $11.95 billion, a P/E ratio of 80.12, a PEG ratio of 5.33 and a beta of 1.28. Bio-Techne Co. has a one year low of $52.99 and a one year high of $85.57. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 2.75. The business has a fifty day moving average price of $73.75 and a 200-day moving average price of $74.67.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The business had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. During the same quarter last year, the company earned $0.35 EPS. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Bio-Techne Co. will post 1.7 EPS for the current year.

Bio-Techne Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Monday, November 11th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Bio-Techne’s dividend payout ratio (DPR) is currently 34.04%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Bio-Techne from a “hold” rating to a “buy” rating in a report on Friday. Robert W. Baird increased their target price on shares of Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a research report on Thursday. Scotiabank raised their price target on shares of Bio-Techne from $83.00 to $88.00 and gave the stock a “sector outperform” rating in a research note on Thursday. Royal Bank of Canada dropped their price objective on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Finally, Benchmark reissued a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a research report on Tuesday, August 13th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.78.

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.