Assenagon Asset Management S.A. Makes New Investment in QuidelOrtho Corporation (NASDAQ:QDEL)

Assenagon Asset Management S.A. acquired a new stake in QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 312,124 shares of the company's stock, valued at approximately $10,915,000. Assenagon Asset Management S.A. owned 0.46% of QuidelOrtho at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. lifted its position in QuidelOrtho by 19.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 11,238,826 shares of the company's stock valued at $500,690,000 after purchasing an additional 1,840,667 shares during the last quarter. Invesco Ltd. lifted its position in QuidelOrtho by 71.7% during the 4th quarter. Invesco Ltd. now owns 3,447,446 shares of the company's stock valued at $153,584,000 after acquiring an additional 1,439,293 shares during the period. Norges Bank bought a new stake in shares of QuidelOrtho in the 4th quarter worth approximately $34,171,000. Vanguard Group Inc. increased its holdings in shares of QuidelOrtho by 12.6% during the fourth quarter. Vanguard Group Inc. now owns 6,817,412 shares of the company's stock valued at $303,716,000 after acquiring an additional 764,900 shares in the last quarter. Finally, Segall Bryant & Hamill LLC raised its holdings in QuidelOrtho by 143.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 1,046,649 shares of the company's stock worth $46,628,000 after buying an additional 617,592 shares during the last quarter. 99.00% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on QDEL shares. Wall Street Zen upgraded QuidelOrtho from a "hold" rating to a "buy" rating in a report on Friday, June 6th. UBS Group cut their price objective on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research note on Thursday, May 8th. Finally, JPMorgan Chase & Co. lowered their price target on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating on the stock in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, QuidelOrtho presently has an average rating of "Moderate Buy" and a consensus target price of $44.33.

QuidelOrtho Trading Down 4.1%

NASDAQ:QDEL traded down $1.19 during midday trading on Tuesday, hitting $28.03. 1,159,706 shares of the company traded hands, compared to its average volume of 1,088,320. The firm's fifty day moving average is $29.56 and its 200-day moving average is $36.62. The firm has a market capitalization of $1.90 billion, a P/E ratio of -5.64 and a beta of 0.10. The company has a current ratio of 1.20, a quick ratio of 0.66 and a debt-to-equity ratio of 0.70. QuidelOrtho Corporation has a 12-month low of $23.77 and a 12-month high of $49.45.

QuidelOrtho (NASDAQ:QDEL - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.74 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.13. QuidelOrtho had a positive return on equity of 4.71% and a negative net margin of 12.07%. The business had revenue of $692.80 million for the quarter, compared to analyst estimates of $694.97 million. During the same quarter last year, the firm posted $0.44 earnings per share. The business's revenue was down 2.6% compared to the same quarter last year. On average, sell-side analysts predict that QuidelOrtho Corporation will post 2.3 EPS for the current year.

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.