Vanguard Group Inc. Buys 27,397 Shares of Bio-Techne Co. (NASDAQ:TECH)

Posted by on Mar 13th, 2023

Vanguard Group Inc. increased its holdings in shares of Bio-Techne Co. (NASDAQ:TECH – Get Rating) by 0.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,487,742 shares of the biotechnology company’s stock after purchasing an additional 27,397 shares during the quarter. Vanguard Group Inc. owned approximately 11.44% of Bio-Techne worth $1,274,520,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Cullen Frost Bankers Inc. grew its position in shares of Bio-Techne by 488.2% during the third quarter. Cullen Frost Bankers Inc. now owns 100 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 83 shares in the last quarter. BerganKDV Wealth Management LLC purchased a new position in Bio-Techne during the 3rd quarter valued at approximately $38,000. Ellevest Inc. grew its holdings in Bio-Techne by 119.0% during the 3rd quarter. Ellevest Inc. now owns 173 shares of the biotechnology company’s stock valued at $49,000 after buying an additional 94 shares in the last quarter. Quantbot Technologies LP purchased a new position in Bio-Techne during the 1st quarter valued at approximately $56,000. Finally, Global Retirement Partners LLC grew its holdings in Bio-Techne by 34.8% during the 3rd quarter. Global Retirement Partners LLC now owns 209 shares of the biotechnology company’s stock valued at $62,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 23.92% of the company’s stock.

Bio-Techne Price Performance

Shares of TECH stock opened at $71.97 on Monday. Bio-Techne Co. has a 52-week low of $68.00 and a 52-week high of $113.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 3.15 and a current ratio of 4.40. The firm has a market capitalization of $11.32 billion, a P/E ratio of 44.70, a P/E/G ratio of 2.28 and a beta of 1.24. The stock has a 50 day moving average price of $78.55 and a 200 day moving average price of $80.86.

Bio-Techne Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 27th. Investors of record on Monday, February 13th were paid a dividend of $0.08 per share. This is a positive change from Bio-Techne’s previous quarterly dividend of $0.02. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, February 10th. Bio-Techne’s dividend payout ratio (DPR) is currently 19.88%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TECH. Robert W. Baird cut their price target on Bio-Techne from $111.50 to $99.00 in a report on Friday, February 3rd. KeyCorp cut their price target on Bio-Techne from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, February 3rd. Royal Bank of Canada cut their price target on Bio-Techne from $89.00 to $88.00 and set a “sector perform” rating for the company in a report on Monday, February 6th. Wells Fargo & Company upgraded Bio-Techne from an “underweight” rating to an “equal weight” rating and set a $90.00 target price for the company in a report on Tuesday, January 10th. Finally, SVB Leerink dropped their target price on Bio-Techne from $125.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Bio-Techne currently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Bio-Techne Profile

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Bio-Techne Corp. engages in the development, manufacture and sale of biotechnology reagents and instruments for the research and clinical diagnostic markets. It operates through the following segments: Protein Sciences and Diagnostics and Genomics. The Protein Sciences segment develops and manufactures purified proteins and reagent solutions most notably cytokines and growth factors, antibodies, immunoassays, biologically active small molecule compounds, tissue culture reagents and T-Cell activation technologies.

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Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

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