Brookstone Capital Management Sells 1,020 Shares of BIO-TECHNE Corp (NASDAQ:TECH)

Brookstone Capital Management cut its stake in shares of BIO-TECHNE Corp (NASDAQ:TECH) by 46.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,189 shares of the biotechnology company’s stock after selling 1,020 shares during the period. Brookstone Capital Management’s holdings in BIO-TECHNE were worth $233,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TECH. Invesco Ltd. grew its holdings in shares of BIO-TECHNE by 97.1% during the second quarter. Invesco Ltd. now owns 1,064,196 shares of the biotechnology company’s stock worth $221,874,000 after purchasing an additional 524,216 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of BIO-TECHNE by 6,323.4% during the second quarter. Nuveen Asset Management LLC now owns 126,091 shares of the biotechnology company’s stock worth $26,289,000 after purchasing an additional 124,128 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of BIO-TECHNE by 229.8% during the second quarter. BNP Paribas Arbitrage SA now owns 47,344 shares of the biotechnology company’s stock worth $9,871,000 after purchasing an additional 32,989 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of BIO-TECHNE by 0.6% during the second quarter. Vanguard Group Inc. now owns 3,512,553 shares of the biotechnology company’s stock worth $732,332,000 after purchasing an additional 19,589 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of BIO-TECHNE by 1,037.0% during the second quarter. Cubist Systematic Strategies LLC now owns 19,465 shares of the biotechnology company’s stock worth $4,058,000 after purchasing an additional 17,753 shares in the last quarter. Hedge funds and other institutional investors own 92.14% of the company’s stock.

Several research analysts have recently commented on TECH shares. Janney Montgomery Scott raised BIO-TECHNE from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $270.00 in a report on Tuesday, July 2nd. Zacks Investment Research raised BIO-TECHNE from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th. BidaskClub raised BIO-TECHNE from a “sell” rating to a “hold” rating in a research note on Tuesday, September 17th. TheStreet lowered BIO-TECHNE from a “b” rating to a “c+” rating in a research note on Tuesday, August 6th. Finally, ValuEngine lowered BIO-TECHNE from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $212.83.

In related news, CEO Charles R. Kummeth acquired 200 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was purchased at an average price of $185.00 per share, with a total value of $37,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert V. Baumgartner acquired 500 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average cost of $191.06 per share, with a total value of $95,530.00. Following the purchase, the director now owns 8,726 shares of the company’s stock, valued at approximately $1,667,189.56. The disclosure for this purchase can be found here. 4.20% of the stock is owned by corporate insiders.

Shares of TECH opened at $200.68 on Wednesday. The firm has a market cap of $7.59 billion, a P/E ratio of 52.81, a P/E/G ratio of 4.22 and a beta of 1.21. The stock has a 50 day simple moving average of $197.53 and a two-hundred day simple moving average of $200.97. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.05 and a quick ratio of 3.15. BIO-TECHNE Corp has a 1 year low of $132.75 and a 1 year high of $217.15.

BIO-TECHNE (NASDAQ:TECH) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $1.25 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.08. The business had revenue of $191.66 million during the quarter, compared to analyst estimates of $196.37 million. BIO-TECHNE had a return on equity of 13.20% and a net margin of 13.45%. BIO-TECHNE’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.34 earnings per share. On average, equities analysts anticipate that BIO-TECHNE Corp will post 4.31 earnings per share for the current year.

BIO-TECHNE 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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