The Manufacturers Life Insurance Company Reduces Holdings in Bio-Techne Co. (NASDAQ:TECH)

The Manufacturers Life Insurance Company reduced its stake in Bio-Techne Co. (NASDAQ:TECH) by 11.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 199,340 shares of the biotechnology company’s stock after selling 24,706 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bio-Techne were worth $15,933,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Bio-Techne by 20.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,714,994 shares of the biotechnology company’s stock worth $122,879,000 after buying an additional 290,510 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Bio-Techne by 60.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 30,122 shares of the biotechnology company’s stock worth $2,158,000 after acquiring an additional 11,371 shares during the last quarter. APG Asset Management N.V. lifted its position in Bio-Techne by 9.8% during the 2nd quarter. APG Asset Management N.V. now owns 81,138 shares of the biotechnology company’s stock worth $5,424,000 after acquiring an additional 7,275 shares during the period. Comerica Bank grew its stake in Bio-Techne by 14.8% during the 1st quarter. Comerica Bank now owns 53,246 shares of the biotechnology company’s stock valued at $3,748,000 after purchasing an additional 6,845 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in shares of Bio-Techne by 4.2% in the second quarter. Raymond James & Associates now owns 348,140 shares of the biotechnology company’s stock valued at $24,944,000 after purchasing an additional 13,953 shares during the period. 98.95% of the stock is currently owned by institutional investors and hedge funds.

Bio-Techne Price Performance

Shares of Bio-Techne stock opened at $75.36 on Monday. The firm has a market cap of $11.97 billion, a PE ratio of 80.17, a P/E/G ratio of 5.50 and a beta of 1.28. The business has a 50-day moving average price of $73.57 and a 200 day moving average price of $74.97. The company has a quick ratio of 3.26, a current ratio of 4.56 and a debt-to-equity ratio of 0.14. Bio-Techne Co. has a twelve month low of $61.16 and a twelve month high of $85.57.

Bio-Techne (NASDAQ:TECH) last announced its earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 earnings per share 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 period in the prior year, the company posted $0.35 EPS. The business’s quarterly revenue was up 4.5% on a year-over-year basis. Sell-side analysts predict that Bio-Techne Co. will post 1.68 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 11th were given a $0.08 dividend. The ex-dividend date was Friday, November 8th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Bio-Techne’s dividend payout ratio (DPR) is 34.04%.

Analyst Ratings Changes

TECH has been the topic of a number of recent research reports. Benchmark reiterated a “buy” rating and issued a $95.00 target price on shares of Bio-Techne in a research report on Tuesday, August 13th. Robert W. Baird upped their price objective on shares of Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. StockNews.com raised shares of Bio-Techne from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Scotiabank upped their price target on shares of Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada reduced their price objective on Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Bio-Techne has a consensus rating of “Moderate Buy” and an average price target of $81.78.

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.