Bio-Techne Co. (NASDAQ:TECH) Shares Acquired by Broadcrest Asset Management LLC

Broadcrest Asset Management LLC grew its position in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 100.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,000 shares of the biotechnology company's stock after purchasing an additional 100,000 shares during the period. Bio-Techne makes up about 19.2% of Broadcrest Asset Management LLC's investment portfolio, making the stock its 3rd largest position. Broadcrest Asset Management LLC owned approximately 0.13% of Bio-Techne worth $15,986,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Empirical Finance LLC raised its stake in shares of Bio-Techne by 4.1% during the third quarter. Empirical Finance LLC now owns 4,080 shares of the biotechnology company's stock valued at $326,000 after purchasing an additional 160 shares during the period. First City Capital Management Inc. increased its stake in shares of Bio-Techne by 6.2% in the first quarter. First City Capital Management Inc. now owns 3,185 shares of the biotechnology company's stock worth $224,000 after buying an additional 185 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Bio-Techne by 3.9% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,333 shares of the biotechnology company's stock worth $426,000 after buying an additional 200 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Bio-Techne by 12.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,917 shares of the biotechnology company's stock worth $137,000 after buying an additional 205 shares during the last quarter. Finally, Mather Group LLC. increased its stake in shares of Bio-Techne by 51.5% in the third quarter. Mather Group LLC. now owns 612 shares of the biotechnology company's stock worth $49,000 after buying an additional 208 shares during 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 analysts recently issued reports on TECH shares. StockNews.com upgraded shares of Bio-Techne from a "hold" rating to a "buy" rating in a research note on Tuesday, November 12th. Robert W. Baird lifted their price target on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an "outperform" rating in a research note on Thursday, October 31st. Benchmark reaffirmed a "buy" rating and issued a $95.00 price objective on shares of Bio-Techne in a report on Tuesday, August 13th. Scotiabank lifted their price objective on shares of Bio-Techne from $83.00 to $88.00 and gave the stock a "sector outperform" rating in a report on Thursday, October 31st. Finally, Royal Bank of Canada decreased their price objective on shares of Bio-Techne from $72.00 to $70.00 and set a "sector perform" rating for the company in a report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.78.

Bio-Techne Stock Performance

Shares of TECH traded down $4.97 during midday trading on Friday, hitting $67.57. 2,449,274 shares of the stock traded hands, compared to its average volume of 991,782. Bio-Techne Co. has a 1-year low of $60.53 and a 1-year high of $85.57. The firm has a market capitalization of $10.74 billion, a PE ratio of 71.88, a price-to-earnings-growth ratio of 4.93 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.26 and a current ratio of 4.56. The business's 50 day moving average price is $74.23 and its two-hundred day moving average price is $75.49.

Bio-Techne (NASDAQ:TECH - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The company had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company's revenue for the quarter was up 4.5% compared to the same quarter last year. Equities research analysts predict that Bio-Techne Co. will post 1.68 EPS for the current fiscal year.

Bio-Techne Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 11th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Friday, November 8th. Bio-Techne's payout ratio is currently 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.