Allianz Asset Management GmbH Has $6.72 Million Stake in QuidelOrtho Corporation $QDEL

Key Points

• Allianz Asset Management GmbH increased its stake in QuidelOrtho Corporation by 200.9% during the 2nd quarter, now holding a total of 233,285 shares valued at approximately $6.72 million.
• QuidelOrtho reported earnings of $0.12 per share, exceeding analysts' expectations of $0.01, while revenue for the quarter was $613.90 million, slightly higher than the projected $612.36 million.
• Several analysts have downgraded their price targets for QuidelOrtho, with Citigroup setting a new target of $33, down from $40, reflecting a general outlook of caution among brokerages.

Allianz Asset Management GmbH lifted its holdings in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 200.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 233,285 shares of the company's stock after buying an additional 155,748 shares during the quarter. Allianz Asset Management GmbH owned about 0.34% of QuidelOrtho worth $6,723,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of QuidelOrtho during the 1st quarter worth approximately $36,000. Quarry LP grew its position in shares of QuidelOrtho by 47.1% during the 1st quarter. Quarry LP now owns 1,436 shares of the company's stock worth $50,000 after buying an additional 460 shares during the period. Blue Trust Inc. grew its position in shares of QuidelOrtho by 46.4% during the 2nd quarter. Blue Trust Inc. now owns 1,967 shares of the company's stock worth $57,000 after buying an additional 623 shares during the period. Bfsg LLC grew its holdings in QuidelOrtho by 6.8% during the second quarter. Bfsg LLC now owns 5,460 shares of the company's stock valued at $157,000 after purchasing an additional 347 shares during the period. Finally, SYM FINANCIAL Corp acquired a new position in QuidelOrtho during the first quarter valued at approximately $235,000. Institutional investors and hedge funds own 99.00% of the company's stock.

QuidelOrtho Stock Performance

Shares of QDEL opened at $29.80 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 1.12. QuidelOrtho Corporation has a twelve month low of $22.05 and a twelve month high of $49.45. The firm's 50 day moving average price is $28.16 and its two-hundred day moving average price is $28.33. The firm has a market cap of $2.02 billion, a P/E ratio of -4.56 and a beta of 0.27.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.11. QuidelOrtho had a negative net margin of 16.10% and a positive return on equity of 5.29%. The firm had revenue of $613.90 million for the quarter, compared to analyst estimates of $612.36 million. During the same quarter in the previous year, the firm posted ($0.07) earnings per share. The business's revenue was down 3.6% on a year-over-year basis. On average, analysts forecast that QuidelOrtho Corporation will post 2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on QDEL. UBS Group decreased their price objective on shares of QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Zacks Research cut shares of QuidelOrtho from a "hold" rating to a "strong sell" rating in a report on Monday, October 13th. Weiss Ratings restated a "sell (e+)" rating on shares of QuidelOrtho in a report on Wednesday, October 8th. Wall Street Zen cut shares of QuidelOrtho from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Citigroup restated a "neutral" rating and set a $33.00 price objective (down previously from $40.00) on shares of QuidelOrtho in a report on Tuesday, October 7th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $37.80.

About QuidelOrtho

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.

Want to see what other hedge funds are holding QDEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QuidelOrtho Corporation (NASDAQ:QDEL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.