Asset management firm Conestoga Capital Advisors has released its Q1 2024 Mid-Cap Strategy investor letter. A copy of the letter can be downloaded here. It was a solid quarter with many asset classes rising. The S&P index, which tracks large-cap stocks, hit an all-time high on March 28, while the Russell 2000 index, which tracks small-cap stocks, rose to within 10% of its all-time high. In the first quarter, the Midcap Composite Index rose 5.44% net of fees, while the Russell Midcap Growth Index returned 9.50%. Stock selection was the biggest critic of the quarter's performance. Plus, check out the fund's top 5 holdings to find out the best stocks for 2024.
Conestoga Capital Advisors Mid-Cap Strategy covered stocks such as Bio-Techne Corporation (NASDAQ:TECH) in its Q1 2024 investor letter. With a market cap of $12.813 billion, Bio-Techne Corporation (NASDAQ:TECH) develops, manufactures, and sells life science reagents, instruments, and services for the research and clinical diagnostic markets. Bio-Techne Corporation (NASDAQ:TECH)'s one-month return was 29.96%, and the stock price was down 1.07% over the past 52 weeks. On May 22, 2024, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $82.98 per share.
In its Q1 2024 investor letter, Conestoga Capital Advisors Mid-Cap Strategy stated the following about Bio-Techne Corporation (NASDAQ:TECH):
“Bio-Techne Corporation (NASDAQ:TECH): TECH manufactures and sells biological research supplies used by researchers around the world. It reported a weak quarter, with customer inventory reductions and overall organic revenue growth declining.'' China's weakness is similar to its peers, and management expects the second half of 2024 to be better than the first half. I think it should be. ”
Laboratory technician in safety suit analyzing and conducting a series of experiments.
Bio-Techne Corporation (NASDAQ:TECH) had revenue of $1.15 billion in the trailing twelve months. Bio-Techne Corporation (NASDAQ:TECH) had revenue of $303.4 million for the most recent quarter, an increase of 3% year-over-year.
Bio-Techne Corporation (NASDAQ:TECH) isn't on our list of 30 most popular stocks among hedge funds. According to our database, 28 hedge fund portfolios held his Bio-Techne Corporation (NASDAQ: TECH) at the end of the first quarter, compared to 23 last quarter.
In another article, we covered Bio-Techne Corporation (NASDAQ:TECH) and shared Baron Asset Fund's view on the company. Additionally, for additional investor letters from hedge funds and other major investors, please visit our Hedge Fund Investor Letters Q1 2024 page.
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Disclosures: None. This article was originally published on Insider Monkey.
