Broadcrest Asset Management LLC Has $15.99 Million Holdings in Bio-Techne Co. (NASDAQ:TECH)

Broadcrest Asset Management LLC raised its stake in Bio-Techne Co. (NASDAQ:TECH) by 100.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,000 shares of the biotechnology company’s stock after acquiring an additional 100,000 shares during the period. Bio-Techne makes up about 19.2% of Broadcrest Asset Management LLC’s portfolio, making the stock its 3rd biggest holding. Broadcrest Asset Management LLC owned approximately 0.13% of Bio-Techne worth $15,986,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECH. Itau Unibanco Holding S.A. acquired a new position in Bio-Techne in the second quarter valued at about $25,000. Brown Brothers Harriman & Co. raised its position in shares of Bio-Techne by 922.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock valued at $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 during the 2nd quarter worth approximately $31,000. DT Investment Partners LLC bought a new stake in shares of Bio-Techne during the 2nd quarter worth approximately $36,000. Finally, Versant Capital Management Inc boosted its position in shares of Bio-Techne by 1,427.8% during the 2nd quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock worth $39,000 after acquiring an additional 514 shares in the last quarter. 98.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Bio-Techne Stock Performance

Bio-Techne stock opened at $67.57 on Friday. The business has a 50 day moving average of $74.23 and a 200-day moving average of $75.48. 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 Co. has a 1 year low of $60.53 and a 1 year high of $85.57. The company has a market capitalization of $10.74 billion, a P/E ratio of 71.88, a P/E/G ratio of 4.93 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) 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 firm had revenue of $289.46 million during the quarter, compared to analysts’ expectations of $280.22 million. During the same period in the prior year, the company posted $0.35 EPS. The company’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Bio-Techne Co. will post 1.68 earnings per share for the current year.

Bio-Techne Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Monday, November 11th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.47%. The ex-dividend date is Friday, November 8th. Bio-Techne’s payout ratio is presently 34.04%.

About Bio-Techne

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.