Dimensional Fund Advisors LP Raises Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Dimensional Fund Advisors LP grew its position in shares of QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 9.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,217,126 shares of the company's stock after acquiring an additional 107,775 shares during the quarter. Dimensional Fund Advisors LP owned about 1.81% of QuidelOrtho worth $54,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of QuidelOrtho by 188.0% in the fourth quarter. Blue Trust Inc. now owns 1,293 shares of the company's stock valued at $58,000 after acquiring an additional 844 shares in the last quarter. Spire Wealth Management purchased a new stake in shares of QuidelOrtho in the 4th quarter worth approximately $74,000. KBC Group NV boosted its stake in shares of QuidelOrtho by 122.9% during the fourth quarter. KBC Group NV now owns 3,437 shares of the company's stock valued at $153,000 after purchasing an additional 1,895 shares in the last quarter. Sterling Capital Management LLC increased its holdings in QuidelOrtho by 75.3% during the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock valued at $166,000 after buying an additional 1,601 shares during the period. Finally, LPL Financial LLC bought a new position in QuidelOrtho in the fourth quarter worth approximately $221,000. 99.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on QDEL shares. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target on the stock in a report on Thursday. StockNews.com lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research note on Saturday, February 15th. UBS Group increased their price target on shares of QuidelOrtho from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. cut their price objective on shares of QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a research report on Monday, April 21st. Finally, Royal Bank of Canada decreased their target price on shares of QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $47.00.

QuidelOrtho Stock Performance

QuidelOrtho stock traded up $8.64 during mid-day trading on Thursday, reaching $34.49. 1,921,327 shares of the company traded hands, compared to its average volume of 1,035,914. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -1.14 and a beta of 0.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.22 and a quick ratio of 0.69. QuidelOrtho Co. has a fifty-two week low of $23.77 and a fifty-two week high of $49.45. The firm's fifty day moving average is $31.51 and its two-hundred day moving average is $38.20.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 3.78% and a negative net margin of 72.84%. The business had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. During the same period in the prior year, the company earned $0.44 earnings per share. The company's revenue was down 2.6% on a year-over-year basis. On average, equities research analysts expect that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

QuidelOrtho Profile

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.