Kornitzer Capital Management Inc. KS Purchases 4,084 Shares of Bio-Techne Co. (NASDAQ:TECH)

Kornitzer Capital Management Inc. KS grew its position in Bio-Techne Co. (NASDAQ:TECH) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 235,519 shares of the biotechnology company’s stock after buying an additional 4,084 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.15% of Bio-Techne worth $18,825,000 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 the business. Itau Unibanco Holding S.A. acquired a new position in shares of Bio-Techne in the second quarter valued at approximately $25,000. Brown Brothers Harriman & Co. boosted its position in Bio-Techne by 922.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock worth $29,000 after acquiring an additional 369 shares during the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Bio-Techne during the second quarter valued at approximately $31,000. DT Investment Partners LLC acquired a new position in Bio-Techne during the second quarter valued at approximately $36,000. Finally, Versant Capital Management Inc increased its position in shares of Bio-Techne by 1,427.8% during the 2nd quarter. Versant Capital Management Inc now owns 550 shares of the biotechnology company’s stock worth $39,000 after purchasing an additional 514 shares during the last quarter. 98.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Benchmark reissued a “buy” rating and issued a $95.00 price objective on shares of Bio-Techne in a report on Tuesday, August 13th. Royal Bank of Canada decreased their price objective on shares of Bio-Techne from $72.00 to $70.00 and set a “sector perform” rating for the company in a research report on Thursday, August 8th. StockNews.com raised shares of Bio-Techne from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Robert W. Baird boosted their price target on Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Scotiabank upped their price objective on Bio-Techne from $83.00 to $88.00 and gave the company a “sector outperform” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.78.

Bio-Techne Stock Up 1.6 %

Bio-Techne stock traded up $1.24 during midday trading on Thursday, reaching $77.07. The stock had a trading volume of 32,422 shares, compared to its average volume of 1,012,009. The company has a current ratio of 4.56, a quick ratio of 3.26 and a debt-to-equity ratio of 0.14. Bio-Techne Co. has a 12 month low of $55.63 and a 12 month high of $85.57. The company has a fifty day moving average price of $74.06 and a two-hundred day moving average price of $74.97. The company has a market capitalization of $12.23 billion, a P/E ratio of 80.67, a PEG ratio of 5.47 and a beta of 1.28.

Bio-Techne (NASDAQ:TECH) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.04. Bio-Techne had a return on equity of 12.76% and a net margin of 12.86%. The business had revenue of $289.46 million during the quarter, compared to the consensus estimate of $280.22 million. During the same quarter in the previous year, the business earned $0.35 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. As a group, equities analysts expect that Bio-Techne Co. will post 1.7 EPS for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 11th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 8th. This represents a $0.32 annualized dividend and a yield of 0.42%. Bio-Techne’s payout ratio is currently 34.04%.

Bio-Techne Company Profile

Bio-Techne Corporation, together with its subsidiaries, develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets in the United States, the United Kingdom, rest of Europe, Middle East, and Africa, Greater China, rest of Asia-Pacific, and internationally.