Charles Schwab Investment Management Inc. Sells 52,416 Shares of QuidelOrtho Corporation $QDEL

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in QuidelOrtho Corporation by 5.9%, holding 829,119 shares worth approximately $28.99 million as of the latest reporting.
• QuidelOrtho reported earnings of $0.12 per share for the quarter, exceeding the consensus estimate of $0.01, although revenue had decreased by 3.6% year-over-year.
• Wall Street analysts have mixed ratings for QuidelOrtho, with a consensus rating of "Hold" and a target price of $42.17, reflecting lowered expectations from brokerages.

Charles Schwab Investment Management Inc. cut its stake in shares of QuidelOrtho Corporation (NASDAQ:QDEL - Free Report) by 5.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 829,119 shares of the company's stock after selling 52,416 shares during the period. Charles Schwab Investment Management Inc. owned 1.23% of QuidelOrtho worth $28,994,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Voya Investment Management LLC boosted its position in QuidelOrtho by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 7,551 shares of the company's stock valued at $336,000 after purchasing an additional 538 shares during the last quarter. Yousif Capital Management LLC boosted its position in QuidelOrtho by 2.9% during the first quarter. Yousif Capital Management LLC now owns 25,950 shares of the company's stock valued at $907,000 after purchasing an additional 734 shares during the last quarter. Rhumbline Advisers boosted its position in QuidelOrtho by 0.6% during the first quarter. Rhumbline Advisers now owns 129,025 shares of the company's stock valued at $4,512,000 after purchasing an additional 770 shares during the last quarter. True Wealth Design LLC lifted its position in shares of QuidelOrtho by 300.7% in the fourth quarter. True Wealth Design LLC now owns 1,074 shares of the company's stock valued at $48,000 after buying an additional 806 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of QuidelOrtho by 1.6% in the first quarter. New York State Teachers Retirement System now owns 56,900 shares of the company's stock valued at $1,990,000 after buying an additional 900 shares during the last quarter. 99.00% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

QDEL has been the subject of a number of recent analyst reports. Citigroup cut their price objective on QuidelOrtho from $50.00 to $40.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen cut QuidelOrtho from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. UBS Group cut their price objective on QuidelOrtho from $29.00 to $26.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Finally, Jefferies Financial Group raised QuidelOrtho from a "hold" rating to a "buy" rating and set a $44.00 price objective for the company in a research report on Thursday, May 8th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $42.17.

QuidelOrtho Stock Performance

Shares of NASDAQ QDEL traded down $0.25 during trading hours on Monday, reaching $27.65. 1,471,934 shares of the stock were exchanged, compared to its average volume of 1,433,429. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of -4.23 and a beta of -0.04. 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 52 week low of $22.05 and a 52 week high of $49.45. The stock's fifty day simple moving average is $27.08 and its 200 day simple moving average is $30.98.

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

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.