Synovus Financial Corp Purchases 198 Shares of Bio-Techne Co. (NASDAQ:TECH)

Synovus Financial Corp lifted its holdings in shares of Bio-Techne Co. (NASDAQ:TECH) by 1.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,223 shares of the biotechnology company’s stock after acquiring an additional 198 shares during the quarter. Synovus Financial Corp’s holdings in Bio-Techne were worth $1,057,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TECH. Itau Unibanco Holding S.A. purchased a new position in shares of Bio-Techne during the 2nd quarter valued at $25,000. Brown Brothers Harriman & Co. increased its holdings in shares of Bio-Techne by 922.5% in the second quarter. Brown Brothers Harriman & Co. now owns 409 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 369 shares during the period. Industrial Alliance Investment Management Inc. purchased a new stake in shares of Bio-Techne in the 2nd quarter valued at about $31,000. Brooklyn Investment Group purchased a new stake in Bio-Techne in the third quarter valued at approximately $39,000. Finally, DT Investment Partners LLC bought a new stake in shares of Bio-Techne during the 2nd quarter worth $36,000. 98.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TECH has been the subject of a number of recent research reports. Scotiabank boosted their target price on Bio-Techne from $83.00 to $88.00 and gave the stock a “sector outperform” rating in a research report on Thursday, October 31st. Robert W. Baird increased their target price on shares of Bio-Techne from $82.00 to $84.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of Bio-Techne from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.00.

Bio-Techne Stock Performance

Bio-Techne stock opened at $76.16 on Tuesday. The stock’s 50 day moving average is $73.39 and its 200 day moving average is $74.57. The company has a market capitalization of $12.10 billion, a P/E ratio of 81.02, a PEG ratio of 5.52 and a beta of 1.27. Bio-Techne Co. has a twelve month low of $61.16 and a twelve month high of $85.57. The company has a quick ratio of 3.26, a current ratio of 4.56 and a debt-to-equity ratio of 0.14.

Bio-Techne (NASDAQ:TECH) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.04. Bio-Techne had a net margin of 12.86% and a return on equity of 12.76%. The firm had revenue of $289.46 million for the quarter, compared to the consensus estimate of $280.22 million. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that Bio-Techne Co. will post 1.68 earnings per share for the current fiscal year.

Bio-Techne Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Monday, November 11th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend was Friday, November 8th. Bio-Techne’s payout ratio is presently 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.