Tidal Investments LLC Purchases 4,356 Shares of Bio-Techne Co. (NASDAQ:TECH)

Tidal Investments LLC raised its position in shares of Bio-Techne Co. (NASDAQ:TECH) by 17.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,940 shares of the biotechnology company’s stock after purchasing an additional 4,356 shares during the quarter. Tidal Investments LLC’s holdings in Bio-Techne were worth $2,313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Bio-Techne by 29.2% during the second quarter. Assenagon Asset Management S.A. now owns 41,214 shares of the biotechnology company’s stock valued at $2,953,000 after buying an additional 9,315 shares during the last quarter. Blue Trust Inc. raised its holdings in Bio-Techne by 2,544.5% in the 2nd quarter. Blue Trust Inc. now owns 2,909 shares of the biotechnology company’s stock worth $205,000 after purchasing an additional 2,799 shares during the period. Raymond James & Associates lifted its position in Bio-Techne by 4.2% during 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 in the last quarter. Focus Financial Network Inc. bought a new stake in Bio-Techne during the second quarter valued at about $320,000. Finally, Fifth Third Bancorp increased its position in Bio-Techne by 16.2% in the second quarter. Fifth Third Bancorp now owns 7,894 shares of the biotechnology company’s stock worth $566,000 after buying an additional 1,102 shares in the last quarter. Hedge funds and other institutional investors own 98.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Scotiabank boosted their price objective on Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of Bio-Techne from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Robert W. Baird lifted their target price on shares of Bio-Techne from $82.00 to $84.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bio-Techne presently has an average rating of “Moderate Buy” and a consensus price target of $82.00.

Bio-Techne Price Performance

TECH stock opened at $75.69 on Monday. The company has a market capitalization of $12.03 billion, a PE ratio of 80.52, a price-to-earnings-growth ratio of 5.52 and a beta of 1.27. The company’s fifty day moving average price is $73.34 and its 200-day moving average price is $74.58. Bio-Techne Co. has a one year low of $61.16 and a one year high of $85.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.26 and a current ratio of 4.56.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.38 by $0.04. The business had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The business’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 EPS. On average, equities analysts anticipate that Bio-Techne Co. will post 1.68 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 11th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date was Friday, November 8th. Bio-Techne’s dividend payout ratio is presently 34.04%.

Bio-Techne 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.