Allspring Global Investments Holdings LLC Increases Stock Holdings in Bio-Techne Co. (NASDAQ:TECH)

Allspring Global Investments Holdings LLC lifted its holdings in Bio-Techne Co. (NASDAQ:TECH - Free Report) by 12.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 736,340 shares of the biotechnology company's stock after purchasing an additional 79,629 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.46% of Bio-Techne worth $52,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TECH. State Street Corp lifted its stake in Bio-Techne by 1.5% during the 3rd quarter. State Street Corp now owns 6,395,993 shares of the biotechnology company's stock valued at $511,232,000 after acquiring an additional 95,133 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Bio-Techne by 21.0% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,040,840 shares of the biotechnology company's stock valued at $147,002,000 after purchasing an additional 354,478 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Bio-Techne during the third quarter valued at approximately $89,724,000. American Capital Management Inc. grew its position in Bio-Techne by 2.5% in the 3rd quarter. American Capital Management Inc. now owns 1,114,393 shares of the biotechnology company's stock worth $89,073,000 after purchasing an additional 27,508 shares during the period. Finally, Geneva Capital Management LLC grew its position in Bio-Techne by 1.6% in the 3rd quarter. Geneva Capital Management LLC now owns 1,104,310 shares of the biotechnology company's stock worth $88,267,000 after purchasing an additional 17,114 shares during the period. 98.95% of the stock is owned by institutional investors.

Bio-Techne Stock Performance

Shares of TECH stock traded down $0.83 during trading hours on Monday, reaching $65.94. 1,172,566 shares of the company traded hands, compared to its average volume of 1,235,146. The firm has a 50-day moving average price of $73.59 and a 200 day moving average price of $73.73. The company has a market cap of $10.48 billion, a P/E ratio of 66.61, a P/E/G ratio of 5.54 and a beta of 1.27. Bio-Techne Co. has a 12-month low of $61.16 and a 12-month high of $85.57. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.94 and a quick ratio of 3.26.

Bio-Techne (NASDAQ:TECH - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The biotechnology company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($0.03). Bio-Techne had a return on equity of 12.73% and a net margin of 13.22%. As a group, sell-side analysts predict that Bio-Techne Co. will post 1.68 earnings per share for the current fiscal year.

Bio-Techne Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 17th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Bio-Techne's payout ratio is 32.32%.

Wall Street Analyst Weigh In

TECH has been the topic of a number of research reports. Royal Bank of Canada raised their price target on Bio-Techne from $79.00 to $80.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 6th. Robert W. Baird raised their target price on Bio-Techne from $82.00 to $84.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Scotiabank boosted their price target on Bio-Techne from $88.00 to $90.00 and gave the company a "sector outperform" rating in a research note on Thursday, February 6th. KeyCorp increased their price objective on shares of Bio-Techne from $80.00 to $90.00 and gave the stock an "overweight" rating in a research note on Thursday, February 6th. Finally, StockNews.com upgraded shares of Bio-Techne from a "hold" rating to a "buy" rating in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $86.57.

Insider Activity

In other news, CEO Kim Kelderman sold 13,392 shares of Bio-Techne stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $77.29, for a total transaction of $1,035,067.68. Following the sale, the chief executive officer now owns 39,004 shares in the company, valued at $3,014,619.16. This trade represents a 25.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.90% of the company's stock.

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.