Legal & General buys $19.51M stake in Bio-Techne
What's the deal? Legal & General Group PlcDealroom has a profile for this one. Try Dealroom → bought a new stake in Bio-Techne CorpDealroom has a profile for this one. Try Dealroom → during the second quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The firm acquired 276,208 shares of the biotechnology company, worth about $19,514,000, giving it a 0.18% stake.
What does Bio-Techne do? The company supplies tools and reagents used in life sciences research and diagnostics. It carries a market capitalisation of $11.35 billion and a PE ratio of 62.91.
The numbers: Bio-Techne reported earnings of $0.52 per share for the quarter ended August 12, matching consensus estimates. Revenue came in at $321.19 million, above the $314.63 million analysts expected and up 1.3% year on year.
Shares opened at $72.35 on Friday, near the 12-month high of $72.62 and well above the low of $43.19. The stock trades above both its 50-day average of $70.86 and 200-day average of $59.75.
Why it matters for holders: Bio-Techne sharply raised its quarterly dividend to $0.65, up from $0.08 previously. That equals a $2.60 annualised payout, a 3.6% yield, and a payout ratio of 27.83%.
Who else is buying? Several other funds added positions, including Danske BankDealroom has a profile for this one. Try Dealroom →, iSAM Funds UKDealroom has a profile for this one. Try Dealroom →, and Cassaday & Co Wealth ManagementDealroom has a profile for this one. Try Dealroom →. EverSource Wealth AdvisorsDealroom has a profile for this one. Try Dealroom → grew its holding by 506.3%. Institutions own 98.95% of the stock.
The signal: Analyst views are mixed after a strong run. Two rate the stock a buy and 15 a hold; Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom → moved to "sector perform" while lifting its target to $73.00, and Zacks ResearchDealroom has a profile for this one. Try Dealroom → upgraded it from "strong sell" to "hold."
Read more: tickerreport.com
Image credit: adonofrio (Biology101.org)
