State Street Corp Grows Stock Holdings in Bio-Techne Co. (NASDAQ:TECH)

State Street Corp increased its stake in shares of Bio-Techne Co. (NASDAQ:TECH - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,395,993 shares of the biotechnology company's stock after purchasing an additional 95,133 shares during the quarter. State Street Corp owned 4.03% of Bio-Techne worth $511,232,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of Bio-Techne in the second quarter valued at approximately $25,000. Brown Brothers Harriman & Co. grew its position in shares of Bio-Techne by 922.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company's stock worth $29,000 after buying an additional 369 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in shares of Bio-Techne in the second quarter valued at about $31,000. DT Investment Partners LLC purchased a new stake in Bio-Techne in the second quarter worth about $36,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Bio-Techne in the 3rd quarter worth approximately $39,000. Hedge funds and other institutional investors own 98.95% of the company's stock.

Bio-Techne Stock Performance

NASDAQ:TECH traded up $2.89 during trading hours on Monday, reaching $77.40. The company had a trading volume of 773,938 shares, compared to its average volume of 1,015,270. The firm has a market cap of $12.30 billion, a PE ratio of 79.27, a price-to-earnings-growth ratio of 5.44 and a beta of 1.27. Bio-Techne Co. has a 1-year low of $61.16 and a 1-year high of $85.57. The business's 50 day moving average price is $73.35 and its 200-day moving average price is $74.69. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.56 and a quick ratio of 3.26.

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 for the quarter, beating the consensus estimate of $0.38 by $0.04. The firm had revenue of $289.46 million during the quarter, compared to analyst estimates of $280.22 million. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. Bio-Techne's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 EPS. Research analysts forecast that Bio-Techne Co. will post 1.68 EPS for the current 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 paid a dividend of $0.08 per share. The ex-dividend date was Friday, November 8th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. Bio-Techne's dividend payout ratio is currently 34.04%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Benchmark reissued a "buy" rating and issued a $95.00 price objective on shares of Bio-Techne in a research note on Tuesday, August 13th. Robert W. Baird lifted their price objective on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an "outperform" rating in a research report on Thursday, October 31st. Scotiabank lifted their price target 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, StockNews.com upgraded Bio-Techne from a "hold" rating to a "buy" rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Bio-Techne has an average rating of "Moderate Buy" and a consensus price target of $82.00.

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.