New York State Common Retirement Fund Raises Position in BIO-TECHNE Corp (TECH)

New York State Common Retirement Fund boosted its stake in BIO-TECHNE Corp (NASDAQ:TECH) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 352,156 shares of the biotechnology company’s stock after purchasing an additional 900 shares during the period. New York State Common Retirement Fund’s holdings in BIO-TECHNE were worth $69,921,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC increased its position in BIO-TECHNE by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 416,496 shares of the biotechnology company’s stock valued at $60,275,000 after acquiring an additional 27,587 shares during the period. Municipal Employees Retirement System of Michigan acquired a new position in BIO-TECHNE in the 4th quarter valued at approximately $1,313,000. Chiron Investment Management LLC increased its position in BIO-TECHNE by 91.3% in the 4th quarter. Chiron Investment Management LLC now owns 1,467 shares of the biotechnology company’s stock valued at $212,000 after acquiring an additional 700 shares during the period. Quantamental Technologies LLC acquired a new position in BIO-TECHNE in the 4th quarter valued at approximately $217,000. Finally, Hsbc Holdings PLC increased its position in BIO-TECHNE by 3,180.3% in the 4th quarter. Hsbc Holdings PLC now owns 77,416 shares of the biotechnology company’s stock valued at $11,204,000 after acquiring an additional 75,056 shares during the period. 94.00% of the stock is owned by institutional investors and hedge funds.

In other BIO-TECHNE news, CFO James Hippel sold 35,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $203.08, for a total value of $7,107,800.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.80% of the stock is currently owned by company insiders.

A number of equities research analysts have commented on the stock. BidaskClub upgraded shares of BIO-TECHNE from a “hold” rating to a “buy” rating in a report on Monday, February 4th. ValuEngine upgraded shares of BIO-TECHNE from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 5th. Craig Hallum restated a “hold” rating and issued a $179.00 price target (up from $154.00) on shares of BIO-TECHNE in a report on Tuesday, February 5th. Zacks Investment Research upgraded shares of BIO-TECHNE from a “hold” rating to a “strong-buy” rating and set a $238.00 price target for the company in a report on Wednesday, May 8th. Finally, Argus restated a “buy” rating on shares of BIO-TECHNE in a report on Monday, March 4th. Four investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $193.67.

NASDAQ:TECH opened at $201.09 on Wednesday. The company has a quick ratio of 3.36, a current ratio of 4.32 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $7.48 billion, a price-to-earnings ratio of 49.41, a P/E/G ratio of 4.22 and a beta of 1.24. BIO-TECHNE Corp has a 12 month low of $132.75 and a 12 month high of $207.84.

BIO-TECHNE (NASDAQ:TECH) last posted its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.27. The business had revenue of $184.86 million during the quarter, compared to analysts’ expectations of $183.92 million. BIO-TECHNE had a net margin of 17.15% and a return on equity of 13.53%. The business’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the company posted $1.21 earnings per share. As a group, research analysts anticipate that BIO-TECHNE Corp will post 3.9 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.64%. The ex-dividend date is Thursday, May 9th. BIO-TECHNE’s dividend payout ratio (DPR) is 31.45%.

TRADEMARK VIOLATION NOTICE: This piece was reported by Baseball Daily News and is the property of of Baseball Daily News. If you are reading this piece on another site, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The original version of this piece can be viewed at https://www.baseballdailydigest.com/news/2019/05/22/new-york-state-common-retirement-fund-raises-position-in-bio-techne-corp-tech.html.

BIO-TECHNE Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells biotechnology reagents, instruments, and clinical diagnostic controls worldwide. It operates in three segments: Biotechnology, Protein Platforms, and Diagnostics. The Biotechnology segment offers specialized proteins, such as cytokines and growth factors, immunoassays, antibodies, and related reagents to the biotechnology research community; and in situ hybridization, media, and other cell culture products and reagents.

Featured Story: Diversification in Your Portfolio

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).

Institutional Ownership by Quarter for BIO-TECHNE (NASDAQ:TECH)

Receive News & Ratings for BIO-TECHNE Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BIO-TECHNE and related companies with MarketBeat.com's FREE daily email newsletter.