QuidelOrtho Co. (NASDAQ:QDEL) Shares Acquired by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its holdings in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 27.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 243,409 shares of the company's stock after purchasing an additional 53,125 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.36% of QuidelOrtho worth $10,844,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC increased its stake in QuidelOrtho by 75.3% in the fourth quarter. Sterling Capital Management LLC now owns 3,726 shares of the company's stock valued at $166,000 after purchasing an additional 1,601 shares during the last quarter. Merit Financial Group LLC purchased a new stake in QuidelOrtho during the fourth quarter valued at about $301,000. Principal Financial Group Inc. grew its position in QuidelOrtho by 64.5% during the third quarter. Principal Financial Group Inc. now owns 272,037 shares of the company's stock valued at $12,405,000 after acquiring an additional 106,642 shares during the period. State of New Jersey Common Pension Fund D grew its position in QuidelOrtho by 22.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 54,411 shares of the company's stock valued at $2,424,000 after acquiring an additional 9,956 shares during the period. Finally, Clear Harbor Asset Management LLC purchased a new stake in QuidelOrtho during the fourth quarter valued at about $458,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.

QuidelOrtho Stock Up 2.0%

Shares of NASDAQ QDEL traded up $0.60 on Thursday, hitting $30.18. The company had a trading volume of 1,551,688 shares, compared to its average volume of 1,071,187. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The business has a 50 day moving average of $30.54 and a two-hundred day moving average of $37.80. The company has a quick ratio of 0.69, a current ratio of 1.22 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $2.04 billion, a P/E ratio of -1.00 and a beta of 0.13.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $692.80 million during the quarter, compared to the consensus estimate of $694.97 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The company's revenue was down 2.6% compared to the same quarter last year. As a group, equities research analysts forecast that QuidelOrtho Co. will post 2.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price target for the company in a research report on Thursday, May 8th. UBS Group lowered their price target on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Royal Bank of Canada lowered their price target on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. JPMorgan Chase & Co. lowered their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen downgraded QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, QuidelOrtho has an average rating of "Hold" and a consensus target price of $44.33.

QuidelOrtho Company 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.