Conestoga Capital Advisors LLC Increases Stock Holdings in Bio-Techne Corp $TECH

by · The Markets Daily

Conestoga Capital Advisors LLC lifted its position in shares of Bio-Techne Corp (NASDAQ:TECH – Free Report) by 27.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 451,416 shares of the biotechnology company’s stock after buying an additional 96,855 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Bio-Techne were worth $23,591,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TECH. Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Bio-Techne by 10.2% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 360,913 shares of the biotechnology company’s stock valued at $18,861,000 after purchasing an additional 33,360 shares in the last quarter. Border to Coast Pensions Partnership Ltd increased its stake in shares of Bio-Techne by 100.1% during the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 510,333 shares of the biotechnology company’s stock worth $26,752,000 after purchasing an additional 255,348 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in shares of Bio-Techne by 5.7% during the 1st quarter. Pictet Asset Management Holding SA now owns 31,149 shares of the biotechnology company’s stock worth $1,628,000 after purchasing an additional 1,678 shares in the last quarter. VCI Wealth Management LLC acquired a new position in shares of Bio-Techne during the 1st quarter worth approximately $762,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Bio-Techne during the 1st quarter worth approximately $418,000. 98.95% of the stock is currently owned by hedge funds and other institutional investors.

Bio-Techne Stock Up 0.5%

Shares of NASDAQ TECH opened at $71.00 on Thursday. The firm has a market cap of $11.12 billion, a P/E ratio of 102.90, a price-to-earnings-growth ratio of 8.99 and a beta of 1.29. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.18 and a current ratio of 4.49. Bio-Techne Corp has a 1 year low of $43.19 and a 1 year high of $72.16. The firm’s 50 day moving average price is $53.65 and its 200 day moving average price is $57.30.

Bio-Techne (NASDAQ:TECH – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.02). Bio-Techne had a net margin of 9.05% and a return on equity of 13.57%. The business had revenue of $311.42 million during the quarter, compared to analyst estimates of $316.11 million. During the same quarter last year, the firm posted $0.56 earnings per share. The company’s revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Bio-Techne Corp will post 1.65 earnings per share for the current year.

Bio-Techne Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, May 18th. Bio-Techne’s dividend payout ratio is presently 46.38%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Citigroup cut Bio-Techne from a “buy” rating to a “neutral” rating and increased their target price for the company from $70.00 to $73.00 in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft cut Bio-Techne from a “buy” rating to a “hold” rating and set a $73.00 price target for the company. in a report on Friday, June 26th. Benchmark downgraded Bio-Techne from a “buy” rating to a “hold” rating in a research report on Tuesday. Zacks Research lowered Bio-Techne from a “hold” rating to a “strong sell” rating in a research note on Monday, June 8th. Finally, Weiss Ratings raised shares of Bio-Techne from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $67.79.

Read Our Latest Stock Analysis on Bio-Techne

About Bio-Techne

(Free Report)

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.

Featured Articles

Want to see what other hedge funds are holding TECH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bio-Techne Corp (NASDAQ:TECH – Free Report).