Riverbridge Partners LLC Decreases Stake in Bio-Techne Corp (TECH)

Riverbridge Partners LLC reduced its stake in Bio-Techne Corp (NASDAQ:TECH) by 3.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 585,517 shares of the biotechnology company’s stock after selling 19,280 shares during the period. Bio-Techne Corp makes up about 1.3% of Riverbridge Partners LLC’s portfolio, making the stock its 25th largest position. Riverbridge Partners LLC owned 1.57% of Bio-Techne Corp worth $68,798,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECH. Quantitative Systematic Strategies LLC purchased a new position in Bio-Techne Corp during the second quarter worth approximately $271,000. Huntington National Bank boosted its position in Bio-Techne Corp by 6.0% in the second quarter. Huntington National Bank now owns 2,138 shares of the biotechnology company’s stock worth $251,000 after buying an additional 121 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in Bio-Techne Corp by 6.5% in the second quarter. Conestoga Capital Advisors LLC now owns 272,828 shares of the biotechnology company’s stock worth $32,057,000 after buying an additional 16,615 shares in the last quarter. State Treasurer State of Michigan boosted its position in Bio-Techne Corp by 1.3% in the second quarter. State Treasurer State of Michigan now owns 15,400 shares of the biotechnology company’s stock worth $1,810,000 after buying an additional 200 shares in the last quarter. Finally, First National Bank of Omaha boosted its position in Bio-Techne Corp by 6.5% in the second quarter. First National Bank of Omaha now owns 29,130 shares of the biotechnology company’s stock worth $2,714,000 after buying an additional 1,770 shares in the last quarter. 96.94% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bio-Techne Corp (TECH) traded down 0.05% during mid-day trading on Friday, reaching $115.34. 151,438 shares of the company’s stock traded hands. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 62.04 and a beta of 0.79. Bio-Techne Corp has a 12-month low of $95.68 and a 12-month high of $119.98. The stock has a 50-day moving average price of $115.98 and a 200 day moving average price of $108.12.

Bio-Techne Corp (NASDAQ:TECH) last released its quarterly earnings data on Tuesday, May 2nd. The biotechnology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. The company had revenue of $144.04 million during the quarter, compared to analysts’ expectations of $142.83 million. Bio-Techne Corp had a net margin of 12.86% and a return on equity of 13.80%. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.01 EPS. Analysts anticipate that Bio-Techne Corp will post $3.62 EPS for the current fiscal year.

A number of research analysts recently commented on the company. BidaskClub cut Bio-Techne Corp from a “hold” rating to a “sell” rating in a research note on Saturday. Wells Fargo & Company started coverage on Bio-Techne Corp in a research note on Thursday, July 13th. They set a “market perform” rating on the stock. Zacks Investment Research raised Bio-Techne Corp from a “hold” rating to a “buy” rating and set a $131.00 price objective on the stock in a research note on Thursday, July 6th. TheStreet raised Bio-Techne Corp from a “c+” rating to a “b” rating in a research note on Tuesday, May 2nd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $122.00 price objective (up from $115.00) on shares of Bio-Techne Corp in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. Bio-Techne Corp has an average rating of “Buy” and an average price target of $123.20.

In other Bio-Techne Corp news, Director Charles A. Dinarello sold 5,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $111.37, for a total value of $556,850.00. Following the completion of the sale, the director now directly owns 12,473 shares of the company’s stock, valued at approximately $1,389,118.01. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 10,300 shares of company stock valued at $1,146,707. 2.70% of the stock is owned by corporate insiders.

About Bio-Techne Corp

Bio-Techne Corporation develops, manufactures and sells biotechnology reagents and instruments for the research and clinical diagnostic markets. The Company operates through three segments: Biotechnology, Clinical Controls and Protein Platforms. The Biotechnology segment develops, manufactures and sells biotechnology research and diagnostic products, such as cytokines, growth factors, immunoassays, antibodies and related reagents, across the world.