Bank of America Corp DE Trims Stock Holdings in QuidelOrtho Co. (NASDAQ:QDEL)

Bank of America Corp DE lowered its holdings in QuidelOrtho Co. (NASDAQ:QDEL - Free Report) by 88.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,994 shares of the company's stock after selling 251,775 shares during the period. Bank of America Corp DE's holdings in QuidelOrtho were worth $1,425,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of QDEL. Blue Trust Inc. lifted its holdings in QuidelOrtho by 344.3% during the 4th quarter. Blue Trust Inc. now owns 1,995 shares of the company's stock worth $91,000 after buying an additional 1,546 shares during the last quarter. KBC Group NV grew its position in shares of QuidelOrtho by 122.9% in the 4th quarter. KBC Group NV now owns 3,437 shares of the company's stock worth $153,000 after acquiring an additional 1,895 shares in the last quarter. Spire Wealth Management acquired a new position in shares of QuidelOrtho in the 4th quarter worth approximately $74,000. Yousif Capital Management LLC grew its position in shares of QuidelOrtho by 11.7% in the 4th quarter. Yousif Capital Management LLC now owns 25,216 shares of the company's stock worth $1,123,000 after acquiring an additional 2,646 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its position in shares of QuidelOrtho by 13.6% in the 4th quarter. State of Alaska Department of Revenue now owns 37,497 shares of the company's stock worth $1,670,000 after acquiring an additional 4,501 shares in the last quarter. Hedge funds and other institutional investors own 99.00% of the company's stock.

QuidelOrtho Trading Down 3.8%

Shares of NASDAQ QDEL opened at $29.90 on Friday. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -0.99 and a beta of 0.10. QuidelOrtho Co. has a 12-month low of $23.77 and a 12-month high of $49.45. The company has a current ratio of 1.22, a quick ratio of 0.69 and a debt-to-equity ratio of 0.71. The stock's 50 day simple moving average is $29.57 and its 200 day simple moving average is $37.15.

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

Analyst Ratings Changes

QDEL has been the subject of several research reports. Jefferies Financial Group upgraded QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 target price for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. decreased their target price on QuidelOrtho from $38.00 to $25.00 and set an "underweight" rating for the company in a research report on Monday, April 21st. UBS Group decreased their target price on QuidelOrtho from $45.00 to $29.00 and set a "neutral" rating for the company in a research report on Thursday, May 8th. Wall Street Zen lowered QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, February 15th. Finally, Royal Bank of Canada cut their price target on QuidelOrtho from $64.00 to $61.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, QuidelOrtho presently has an average rating of "Hold" and an average price target of $44.33.

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.

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