The Vanguard Group, Inc. recently announced the acquisition of new stake in Bio-Techne Corporation (NASDAQ:TECH). The institutional investor has increased its shareholding in the Healthcare company by 1.38% to 17.54 million shares with purchase of 0.24 million shares. This fresh investment now brings its stake to 11.15% valued currently at $1.4 billion. In addition, Select Equity Group LP raised its holdings by 1.23 million to 7.15 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.53% or 33202.0 shares – to 6.35 million shares.
With over 1.23 million Bio-Techne Corporation (TECH) shares trading Tuesday and a closing price of $83.21 on the day, the dollar volume was approximately $102.02 million. The shares have shown a positive half year performance of 1.29% and its price on 05/23/23 lost nearly -1.19%. Currently, there are 157.31M common shares owned by the public and among those 155.74M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for TECH have a consensus price objective of $101.20. The analysts have set the share’s price value over the next 12 months at a high of $120.00 and a low of $88.00. The average price target is 17.78% above its recent price level and an upside to the estimated low will see the stock gain 5.44% over that period. But an upside of 30.66% will see the stock hit the forecast high price target while median target price for the stock is $100.00.
Insiders at the company have transacted a total of 42 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 566,182 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 351,992 shares.
The top 3 mutual fund holders in Bio-Techne Corporation are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 4.86 million shares of the company’s stock, all valued at over $388.61 million. The company bought an additional 33629.0 shares recently to bring their total holdings to about 3.09% of the shares outstanding. Vanguard Small Cap Index Fund bought 24244.0 shares to see its total holdings expand to 4.12 million shares valued at over $328.74 million and representing 2.62% of the shares outstanding. Vanguard 500 Index Fund bought 27280.0 shares to bring its total holdings to over 3.67 million shares at a value of $293.28 million. Vanguard 500 Index Fund now owns shares totaling to 2.33% of the shares outstanding.
The company’s stock has a 5-day price change of 1.55% and 12.08% over the past three months. TECH shares are trading 0.40% year to date (YTD), with the 12-month market performance down to -9.15% lower. It has a 12-month low price of $68.00 and touched a high of $99.33 over the same period. TECH has an average intraday trading volume of 1.06 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.00%, 5.96%, and 4.30% respectively.
Institutional ownership of Bio-Techne Corporation (NASDAQ: TECH) shares accounts for 97.90% of the company’s 157.31M shares outstanding. Mutual fund holders own 36.48%, while other institutional holders and individual stakeholders account for 57.13% and 0.31% respectively.
It has a market capitalization of $13.00B and a beta (3y monthly) value of 1.25. The stock’s trailing 12-month PE ratio is 49.80, while the earnings-per-share (ttm) stands at $1.67. The company has a PEG of 4.70 and a Quick Ratio of 2.80 with the debt-to-equity ratio at 0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.27% over the week and 3.12% over the month.
Analysts forecast that Bio-Techne Corporation (TECH) will achieve an EPS of $Micron Technology, Inc. for the current quarter, $66.01 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $SoFi Technologies, Inc. while analysts give the company a high EPS estimate of $Luminar Technologies, Inc. Comparatively, EPS for the current quarter was $Uber Technologies, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 91.20%, and 21.01% over the next financial year. EPS should shrink at an annualized rate of 10.60% over the next five years, compared to 26.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Bio-Techne Corporation (TECH) as a “Strong Buy” at a consensus score of 1.60. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 2 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
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