State of Alaska Department of Revenue Has $1.67 Million Stake in BIO-TECHNE Corp (TECH)

State of Alaska Department of Revenue lessened its position in BIO-TECHNE Corp (NASDAQ:TECH) by 29.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,202 shares of the biotechnology company’s stock after selling 3,487 shares during the period. State of Alaska Department of Revenue’s holdings in BIO-TECHNE were worth $1,673,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of BIO-TECHNE by 2.5% during the second quarter. BlackRock Inc. now owns 3,776,455 shares of the biotechnology company’s stock valued at $558,726,000 after purchasing an additional 91,519 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of BIO-TECHNE by 975.1% during the second quarter. Schroder Investment Management Group now owns 2,211,502 shares of the biotechnology company’s stock valued at $85,499,000 after purchasing an additional 2,005,804 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of BIO-TECHNE by 5.8% during the second quarter. Janus Henderson Group PLC now owns 1,393,027 shares of the biotechnology company’s stock valued at $206,098,000 after purchasing an additional 76,538 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in BIO-TECHNE by 29.1% during the second quarter. Massachusetts Financial Services Co. MA now owns 598,005 shares of the biotechnology company’s stock valued at $88,475,000 after buying an additional 134,771 shares during the last quarter. Finally, Fred Alger Management Inc. increased its holdings in BIO-TECHNE by 33.7% during the second quarter. Fred Alger Management Inc. now owns 498,960 shares of the biotechnology company’s stock valued at $73,821,000 after buying an additional 125,819 shares during the last quarter. Hedge funds and other institutional investors own 93.98% of the company’s stock.

Shares of TECH stock opened at $183.25 on Friday. BIO-TECHNE Corp has a 12 month low of $121.26 and a 12 month high of $206.04. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 46.24, a price-to-earnings-growth ratio of 3.10 and a beta of 0.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 5.01 and a quick ratio of 3.93.

BIO-TECHNE (NASDAQ:TECH) last announced its earnings results on Tuesday, August 7th. The biotechnology company reported $1.34 EPS for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.05. BIO-TECHNE had a net margin of 19.50% and a return on equity of 14.64%. The business had revenue of $180.25 million during the quarter, compared to analysts’ expectations of $176.24 million. As a group, research analysts predict that BIO-TECHNE Corp will post 3.93 earnings per share for the current year.

A number of brokerages have commented on TECH. BidaskClub raised shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 28th. Leerink Swann set a $190.00 target price on shares of BIO-TECHNE and gave the company an “outperform” rating in a report on Wednesday, August 8th. ValuEngine raised shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a report on Tuesday, September 11th. Argus upped their target price on shares of BIO-TECHNE from $210.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, October 2nd. Finally, Deutsche Bank cut shares of BIO-TECHNE from a “buy” rating to a “hold” rating and set a $165.00 target price for the company. in a report on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $191.75.

In other news, Director Charles A. Dinarello sold 5,000 shares of the stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $176.94, for a total value of $884,700.00. Following the completion of the sale, the director now directly owns 13,212 shares of the company’s stock, valued at $2,337,731.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John L. Higgins sold 10,000 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $187.92, for a total transaction of $1,879,200.00. Following the completion of the sale, the director now directly owns 13,012 shares of the company’s stock, valued at $2,445,215.04. The disclosure for this sale can be found here. Corporate insiders own 3.80% of the company’s stock.

BIO-TECHNE Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

Further Reading: What is a Call Option?

Institutional Ownership by Quarter for BIO-TECHNE (NASDAQ:TECH)

Receive News & Ratings for BIO-TECHNE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BIO-TECHNE and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply