Redmond Asset Management LLC Reduces Holdings in BIO-TECHNE Corp (NASDAQ:TECH)

Redmond Asset Management LLC decreased its position in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 35.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,274 shares of the biotechnology company’s stock after selling 3,917 shares during the quarter. Redmond Asset Management LLC’s holdings in BIO-TECHNE were worth $1,517,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of BIO-TECHNE during the 2nd quarter valued at approximately $27,000. Advisory Services Network LLC grew its stake in BIO-TECHNE by 183.3% in the 2nd quarter. Advisory Services Network LLC now owns 153 shares of the biotechnology company’s stock worth $32,000 after acquiring an additional 99 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in shares of BIO-TECHNE during the 1st quarter valued at $54,000. Quadrant Capital Group LLC grew its stake in shares of BIO-TECHNE by 502.1% during the 1st quarter. Quadrant Capital Group LLC now owns 283 shares of the biotechnology company’s stock valued at $54,000 after buying an additional 236 shares during the period. Finally, Icon Wealth Partners LLC purchased a new stake in shares of BIO-TECHNE during the 1st quarter valued at $58,000. 92.09% of the stock is currently owned by hedge funds and other institutional investors.

In other BIO-TECHNE news, Director Robert V. Baumgartner bought 500 shares of the stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $191.06 per share, for a total transaction of $95,530.00. Following the purchase, the director now directly owns 8,726 shares of the company’s stock, valued at approximately $1,667,189.56. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Brenda S. Furlow sold 5,400 shares of BIO-TECHNE stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $200.00, for a total value of $1,080,000.00. Following the completion of the sale, the senior vice president now directly owns 7,589 shares of the company’s stock, valued at approximately $1,517,800. The disclosure for this sale can be found here. Insiders have sold a total of 46,548 shares of company stock valued at $9,790,896 in the last three months. Insiders own 3.80% of the company’s stock.

NASDAQ TECH traded up $1.22 during trading on Thursday, reaching $193.46. 7,685 shares of the stock traded hands, compared to its average volume of 167,287. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 50.91, a price-to-earnings-growth ratio of 4.09 and a beta of 1.17. The firm’s 50-day moving average is $207.43. The company has a current ratio of 4.05, a quick ratio of 3.15 and a debt-to-equity ratio of 0.42. BIO-TECHNE Corp has a fifty-two week low of $132.75 and a fifty-two week high of $217.15.

BIO-TECHNE (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $1.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.08. BIO-TECHNE had a net margin of 13.45% and a return on equity of 13.20%. The firm had revenue of $191.66 million for the quarter, compared to the consensus estimate of $196.37 million. During the same period in the previous year, the company earned $1.34 earnings per share. The company’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, equities analysts anticipate that BIO-TECHNE Corp will post 4.24 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date is Thursday, August 15th. BIO-TECHNE’s dividend payout ratio is presently 33.68%.

A number of equities analysts have commented on the stock. BidaskClub lowered shares of BIO-TECHNE from a “buy” rating to a “hold” rating in a report on Saturday, July 13th. Janney Montgomery Scott upgraded shares of BIO-TECHNE from a “neutral” rating to a “buy” rating and upped their target price for the company from $200.00 to $270.00 in a research note on Tuesday, July 2nd. ValuEngine downgraded shares of BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded shares of BIO-TECHNE from a “buy” rating to a “sell” rating in a research report on Tuesday. Finally, TheStreet cut shares of BIO-TECHNE from a “b” rating to a “c+” rating in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. BIO-TECHNE currently has a consensus rating of “Hold” and a consensus target price of $211.17.

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.

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

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