ClariVest Asset Management LLC Lowers Stock Holdings in Bio-Techne Co. (NASDAQ:TECH)

ClariVest Asset Management LLC reduced its stake in Bio-Techne Co. (NASDAQ:TECHGet Rating) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,990 shares of the biotechnology company’s stock after selling 200 shares during the quarter. ClariVest Asset Management LLC’s holdings in Bio-Techne were worth $5,625,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Confluence Wealth Services Inc. acquired a new position in Bio-Techne during the fourth quarter worth $33,000. UMB Bank N A MO acquired a new position in shares of Bio-Techne in the fourth quarter worth $53,000. Ellevest Inc. raised its holdings in shares of Bio-Techne by 56.5% in the first quarter. Ellevest Inc. now owns 108 shares of the biotechnology company’s stock worth $47,000 after acquiring an additional 39 shares during the last quarter. Ten Capital Wealth Advisors LLC acquired a new position in shares of Bio-Techne in the fourth quarter worth $61,000. Finally, Carolinas Wealth Consulting LLC raised its holdings in shares of Bio-Techne by 162.5% in the fourth quarter. Carolinas Wealth Consulting LLC now owns 126 shares of the biotechnology company’s stock worth $65,000 after acquiring an additional 78 shares during the last quarter. 94.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Charles R. Kummeth sold 5,104 shares of the business’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $365.00, for a total value of $1,862,960.00. Following the completion of the transaction, the chief executive officer now owns 198,338 shares of the company’s stock, valued at approximately $72,393,370. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Bio-Techne news, CEO Charles R. Kummeth sold 5,104 shares of the business’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $365.00, for a total transaction of $1,862,960.00. Following the sale, the chief executive officer now directly owns 198,338 shares of the company’s stock, valued at approximately $72,393,370. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert V. Baumgartner purchased 300 shares of the business’s stock in a transaction on Tuesday, May 10th. The shares were acquired at an average cost of $352.55 per share, for a total transaction of $105,765.00. Following the completion of the transaction, the director now directly owns 10,106 shares in the company, valued at $3,562,870.30. The disclosure for this purchase can be found here. 4.10% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TECH shares. StockNews.com started coverage on Bio-Techne in a report on Thursday, March 31st. They issued a “buy” rating for the company. KeyCorp lowered their price objective on Bio-Techne from $600.00 to $500.00 in a research report on Thursday, May 5th. Wells Fargo & Company downgraded Bio-Techne from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $400.00 to $370.00 in a research report on Monday, April 25th. Finally, Robert W. Baird lowered their price objective on Bio-Techne from $520.00 to $500.00 in a research report on Thursday, May 5th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Bio-Techne presently has an average rating of “Moderate Buy” and a consensus price target of $504.17.

Bio-Techne Price Performance

Shares of NASDAQ:TECH opened at $374.44 on Thursday. Bio-Techne Co. has a one year low of $318.07 and a one year high of $543.85. The stock has a fifty day moving average of $354.15 and a 200-day moving average of $387.27. The company has a market capitalization of $14.69 billion, a PE ratio of 68.33, a price-to-earnings-growth ratio of 1.66 and a beta of 1.22. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.79 and a current ratio of 3.56.

Bio-Techne (NASDAQ:TECHGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The biotechnology company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.21. The business had revenue of $290.40 million during the quarter, compared to analyst estimates of $279.27 million. Bio-Techne had a return on equity of 16.82% and a net margin of 20.95%. Bio-Techne’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the company earned $1.61 earnings per share. As a group, equities analysts anticipate that Bio-Techne Co. will post 7.08 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 27th. Stockholders of record on Monday, May 16th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Friday, May 13th. Bio-Techne’s dividend payout ratio (DPR) is currently 23.36%.

Bio-Techne Profile

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Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research, and diagnostics and bioprocessing markets worldwide. The company operates through two segments, Protein Sciences, and Diagnostics and Genomics. The Protein Sciences segment provides biological reagents used in various aspects of life science research, diagnostics, and cell and gene therapy, such as cytokines and growth factors, antibodies, small molecules, tissue culture sera, and cell selection technologies.

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Institutional Ownership by Quarter for Bio-Techne (NASDAQ:TECH)

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